The trading volume of the Bitcoin futures market significantly influences price discovery in the spot market. Studies show that futures markets, particularly unregulated ones like Huobi and BitMEX, often lead price movements due to higher liquidity, lower transaction costs, and built-in leverage. High futures trading volume can enhance market sentiment, driving spot market demand and price trends. For instance, increased futures activity correlates with greater spot price volatility, as seen in intraday data analyses. However, some research indicates spot markets may dominate under specific conditions, like higher spot trading volumes. Overall, futures markets typically play a stronger role in incorporating new information, impacting spot prices.