Citi Cuts Bitcoin as Ether Price Forecasts as ETF Outflows Deepen

Citigroup has slashed its 12-month price forecasts for bitcoin and ether, citing weaker investor demand the negative ETF flows and stalled progress on U.S. digital asset legislation.

In a note on Tuesday, the brokerage cut its bitcoin target to $82,000 from $112,000, and lowered its ether forecast to $2,240 from $3,175.

Bitcoin last traded at $58,864.27 its weakest level since September 2024 down nearly half from its October 2025 peak of $126,223.18. Ether fell to $1,585.63 its lowest since April 2025.

Crypto markets have struggled this year amid volatility, investor focus on major upcoming IPOs and sustained ETF outflows. Both coins are trading below their long-term moving averages and signaling bearish sentiment.

Citi's bear-case scenario assuming a recession and continued ETF outflows puts bitcoin at $53,000 and ether at $1,094 over the next year.

The bank said the downgrade stems from cutting its 12-month net ETF inflow forecast to zero from $10 billion. "ETF flows, an important driver of prices, have turned negative recently," Citi noted that bitcoin ETF outflows total roughly $3.3 billion this year. Broader investor adoption is likely to stay muted until a new catalyst emerges.

Citi also pointed to slow U.S. crypto legislation and concerns over potential selling by digital asset treasury firms as factors weighing on sentiment compounded by a shift of investor interest toward AI-related assets.