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What Mechanism Prevents Manipulation of the Spot Price during Physical Settlement?

Regulated exchanges implement various safeguards to prevent manipulation. These include strict position limits on traders to prevent cornering the market, surveillance of trading activity, and a defined delivery process.

Furthermore, the fungibility and global nature of Bitcoin make it inherently difficult for any single entity to manipulate the entire spot market.

What Is Fungibility and Why Is It Critical for a Central Limit Order Book?
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