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Bonetheless, if Lee's theory holds true, prices should recover in the next few days.

Cboe bitcoin futures have fallen nearly 70 percent from their December high of $20,500. Despite the move, Lee is standing by his 2018 year-end price target of $25,000.

Bitcoin was trading slightly higher Thursday, around $6,400.

In response to Lee's thesis, Chris Concannon, president and chief operating officer of Cboe Global Markets, wrote in an email to CNBC:

"While we are excited about our recently launched Bitcoin futures, the notion that they have materially affected the bitcoin price overstates their influence and ignores other critical facts. Our strict position limits and the limited open interest in our May and June settlements, suggest that the fall of Bitcoin can be more easily explained by other factors such as the recent regulatory scrutiny around the globe, steps by government tax collectors, the rise of other cryptocurrencies, and declining media interest in the asset."

@peakdemand

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