Is there a correlation between Bitcoin Price and CME bitcoin futures price?

In the ever-evolving landscape of cryptocurrency markets, a pertinent question arises: Is there a correlation between the price of Bitcoin and the price of CME Bitcoin futures? The CME Group, a leading derivatives marketplace, introduced Bitcoin futures trading in 2017, aiming to provide investors with a regulated way to gain exposure to the volatile cryptocurrency market. Since then, many market observers have been keenly watching the interplay between the spot price of Bitcoin and the price of its futures contracts. Does the CME Bitcoin futures market act as a leading indicator, forecasting price movements in the underlying asset? Or does it simply mirror the movements of the Bitcoin spot market? Understanding the nature of this relationship is crucial for traders and investors alike, as it could provide insights into potential price trends and opportunities for hedging or arbitrage. With the cryptocurrency market continuing to grow and mature, this question remains at the forefront of market analysis and discussion.