The "gut-wrenching" declines witnessed in Bitcoin's price in the week beginning June 10 was likely due to the expiration of futures linked to the top cryptocurrency, Fundstrat Global Co-founder Thomas Lee reportedly said in a client note. Lee, a prominent bull on Bitcoin, said the top cryptocurrency displayed "dramatic price changes" around CBOE futures expirations. He noted that crypto investor Justin Saslaw at Raptor Group had signaled the link earlier.
Bitcoin declined more than 20 percent in the last 30 days. Futures linked to the cryptocurrency expired on June 13, Wednesday.
The Bitcoin price fell 18 percent in the ten days prior to the CBOE futures expiration, Lee noted, adding that it will recover by the sixth day following expiration.
In response, Chris Concannon, president and COO of CBOE Global Markets said in an email, "The notion that they have materially affected the bitcoin price overstates their influence and ignores other critical facts," CNBC reported.
During the week that began June 10, crypto market sentiment was also hurt by concerns over increased regulation and news of a hack at a relatively small cryptocurrency exchange.
Earlier this year, Lee had estimated that Bitcoin would reach $20,000 by the middle of this year and a hit a record $25,000 by the end of this year.
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