Active cryptocurrency traders had assumed that with yesterday’s expiration of Bitcoin Futures Contracts by the CME Group, the price of BTC would experience a spike in value; and in the positive direction. At first, the social media chats on Telegram and Twitter were debating as to the exact timing of the expiration of the futures contracts.
There was one camp that was without a doubt sure that the expiration was at 4pm London Time. There was also the other camp that was certain it was 22:000 UTC: six hours later. The CME Group clearly states that settlement is at 4pm as can be seen in the following excerpt from the firm’s frequently asked questions page.