Citigroup just took a machete to its crypto price forecasts for the second time this year. In a research note dated July 1, the bank dropped its 12-month bitcoin target from $112,000 to $82,000 and cut ether from $3,175 to $2,240.
The culprit: a dramatic reversal in the ETF flows that had been propping up crypto prices since spot products launched in January 2024. Citi reset its net 12-month ETF inflow forecast to zero, down from $10 billion.
The ETF exodus by the numbers
June 2026 was brutal for spot bitcoin ETFs. The products saw approximately $4.5 billion in net outflows, the worst monthly performance since they debuted two and a half years ago.
Year-to-date, bitcoin ETFs have hemorrhaged roughly $3.3 billion.
