Funny that the ECB uses the phrase "shadow finance" re crypto, yet derivatives are the same - as that shadow has become a black hole, but sshhhh... look the other way!

mmm... your example depends on the futures contract - some take delivery, some don't. That's why you get price spikes at expiry dates, as market makers have to either buy or sell to cover their delivery obligations.

options are 2nd-order derivatives. lmao. and those take delivery of the futures contracts. lmfao.

If anything has come out of crypto, it should be more awareness of how finance works - altho I suspect it is still a very small number of the public that cares enough. Herd-finance has always been the way.