These are all cash-settled futures. Suppose I buy and you sell a future marking Bitcoin at $10,000. The next day, Bitcoin is $11,000. You give me 1,000 U.S. dollars. (The exact mechanics depend on various factors. I’m stylising.) The next day, Bitcoin falls to $9,000. I give you 2,000 U.S. dollars. Et cetera until the contract is over.

Many investors want exposure to Bitcoin. A significant subset therof are perfectly happy with the financial system as is. They want Bitcoin to look like any other financial asset. These futures are the beginning of Wall Street serving that demand.

Disclaimer: This is not investment advice. Not all futures work like this. Review investments with a lawyer and/or investment advisor.