when this drops what does it mean for us miners? or the coin? I hear terms like "Correcting price"
what can we expect?
The futures speculating won't happen on the blockchain so there won't be a direct connection to investors speculating on futures contracts and the price of bitcoin at any single moment. What will need to happen, though, is for investment firms to buy and hold Bitcoin to serve as reserve for the trades their making (law requires it). So there should be some new buying, and that's probably what's helping generate the price growth to this point.
It's possible that some bearish investor could buy a put (or make a bet that the Bitcoin price is going to go down) and then sell Bitcoin, but the amount they'd need to really move the market is significant.
Currently, futures contract speculation exists for oil, gas, coffee, pigs, soy beans, oranges, etc...the prices of these commodities is not some crazy roller coaster ride. The price of contracts is reaction to the real market activity, not a driver of it.
