The migration of futures products and centralized clearing of Bitcoin and Ethereum futures by the Chicago Board Options Exchange (CBOE) can reshape the crypto derivatives market. It may attract more institutional investors due to increased regulatory compliance and reduced counterparty risk. This could lead to higher trading volumes in the derivatives market. In the spot market, the increased interest in futures may spill over, increasing the demand for Bitcoin and Ethereum, potentially driving up their prices. However, if the migration causes disruptions in trading or reduces liquidity in the short - term, it could put downward pressure on spot prices.