  This paper investigates the effects of the launch of Bitcoin futures on the
intraday volatility of Bitcoin. Based on one-minute price data collected from
four cryptocurrency exchanges, we first examine the change in realized
volatility after the introduction of Bitcoin futures to investigate their
aggregate effects on the intraday volatility of Bitcoin. We then analyze the
effects in more detail utilizing the discrete Fourier transform. We show that
although the Bitcoin market became more volatile immediately after the
introduction of Bitcoin futures, over time it has become more stable than it
was before the introduction.
