Wall Street giant Citigroup has revised its 12-month price forecasts for Bitcoin and Ethereum. This comes amid massive outflows from spot ETFs and dwindling odds of the Clarity Act getting signed into law this year.
Citigroup Slashes 12-Month Price Target for Bitcoin and Ethereum
$2.6 trillion AUM Citigroup further lowered its 12-month price forecasts for Bitcoin and Ethereum. The firm cut Bitcoin price target from $112,000 to $82,000 and Ethereum price target from $3,175 to $2,240.
This marks the 2nd downward revision from the Wall Street banking giant this year. Citigroup earlier lowered Bitcoin target from $143,000 to $112,000 and Ethereum target from $4,304 to $3,175.
This comes amid massive outflows from spot ETFs, rising uncertainty over the Clarity Act passing this year, and dwindling sentiment in the crypto market.
Spot Bitcoin ETFs have recorded $4.5 billion in net outflows in June, the largest monthly redemption since launch in 2024. Bitcoin ETFs have sold $2.41 billion in BTC over the last 9 days, with BlackRock’s IBIT recording massive redemptions from institutional investors.
Meanwhile, spot Ethereum ETF have recorded $370 million in outflows in the last 9 days. BlackRock’s ETHA saw $27.6 billion in redemptions on Tuesday.
In addition, Clarity Act odds have dropped to 39% on Polymarket and Kalshi. This comes as President Trump’s $1.4 billion in crypto disclosure has sparked ethics and conflicts-of-interest concerns.
BTC and ETH Prices Under Selling Pressure
Bitcoin price tanked to a low of $57,747 in the past 24 hours, with the price currently trading near $58,600. Furthermore, trading volume has increased by 13% over the last 24 hours amid Citigroup slashing its 12-month target.
BIT (formerly Matrixport) research pointed out July as one of the strongest months for Bitcoin historically. Analysts predict summer consolidation for two months amid lack of bullish catalysts.
“With trading volumes subdued and downside risks still elevated, upside may remain limited. Selling upside calls to generate additional yield could therefore be an attractive strategy,” BIT added.
Meanwhile, Ethereum price is trading 1% lower at $1,576. The 24-hour low and high were 1,549.25 and 1,600.29, respectively. Trading volume has decreased by 7% over the last 24 hours, indicating a decline in interest among traders.
-1024x683.jpg "Florida Roads Become a Battleground for Illegal Immigration")
