Citi slashes 12-month bitcoin, ether targets as ETF flows dry up
Get the Finance newsletter
Daily finance — markets, central banks, M&A, the prints that move money. Free.
- Citi slashed its 12-month bitcoin price target to $82,000 from $112,000 and its ether target to $2,240 from $3,175.
- Citi abandoned its net ETF inflow forecasts entirely, now expecting zero flows over the next 12 months instead of fresh institutional demand.
- U.S. spot bitcoin ETFs recorded a record $4 billion in net outflows in June—the largest monthly withdrawal on record—after a 13-day redemption streak pushed year-to-date flows negative for the first time.
- Citi analyst Alex Saunders blamed stalled U.S. digital asset market structure legislation, weak sentiment, and fears that digital asset treasury (DAT) companies could become net bitcoin sellers—fears amplified by recent corporate actions from Strategy.
- Bitcoin and ether remain below their 200-day moving averages while speculative capital has shifted toward AI-related investments, according to the report.
- Citi's bear case projects bitcoin falling to $53,000 and ether to $1,094 under continued ETF outflows and recessionary conditions; its bull case sees $108,000 and $2,932 respectively.
Why it matters: The downgrade marks a sharp reversal from Citi's prior assumption that digital asset market structure legislation would unlock institutional adoption. With zero net ETF inflows now baked in and bitcoin trading around $58,400—roughly 40% below the new $82,000 base case—the target implies crypto needs a massive rally just to validate Citi's central scenario.
Ask SkimNews
