Тhe Federal Reserve Bank of San Francisco released an Economic Letter May 7, suggesting that Bitcoin’s (BTC) decline following its $20,000 peak was the result of the launch of Bitcoin futures trading.
The Federal Reserve’s letter says that “the rapid run-up and subsequent fall in the price after the introduction of futures does not appear to be a coincidence” and “it is consistent with trading behavior that typically accompanies the introduction of futures markets for an asset."