The cryptocurrency has plunged nearly 30 percent in the last month, and more than 50 percent this year. But Tom Lee of Fundstrat may have just uncovered the reason behind recent weakness — or at least part of it. In a recent note, Lee, the firm's head of research, wrote that since the launch of Cboe bitcoin futures in December, prices have plunged leading up to expiration.
"Bitcoin sees dramatic price changes around CBOE futures expirations. This was something flagged by Justin Saslaw at Raptor Group. We compiled some of the data and this indeed seems to be true," Lee wrote Thursday. "Overall, bitcoin has fallen 18 percent in the 10 days prior to CBOE contract expiration."
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