U.S. spot Bitcoin exchange-traded funds posted $4.5 billion in net outflows in June, their worst monthly performance since launch in January 2024. Bitcoin fell 20.48% during the month and touched a 21-month low of $58,190 on July 1. Citigroup cut its 12-month Bitcoin target to $82,000 from $112,000, after previously reducing it from $143,000 on March 17. The bank also lowered its 12-month Ethereum target from $3,175 to $2,240. Separately, Strategy sold 32 BTC between May 26 and May 31 for about $2.5 million, marking its first sale since December 2022. As of May 31, the company held 843,706 BTC, and its board approved a framework allowing Bitcoin sales of up to $1.25 billion. Leveraged Bitcoin futures open interest also dropped sharply, falling from about $31.3 billion around May 30 to roughly $21.6 billion in early June, while major holders accumulated more than 270,000 BTC over a two-week period.
U.S. spot Bitcoin ETFs recorded $4.5 billion in net outflows in June, the worst monthly result since the products launched in January 2024.
Bitcoin fell 20.48% in June and hit a 21-month low of $58,190 on July 1.
Citigroup cuts 12-month targets for Bitcoin and Ethereum
Citigroup lowered its 12-month Bitcoin price target to $82,000 from $112,000. On March 17, it had already reduced that target from $143,000.
The bank also cut its 12-month Ethereum target from $3,175 to $2,240.
Strategy sold 32 BTC in late May
Strategy sold 32 Bitcoin between May 26 and May 31 for about $2.5 million, its first sale since December 2022.
As of May 31, the company held 843,706 BTC. Its board also approved a Bitcoin sale framework of up to $1.25 billion.
Leveraged futures open interest fell while major holders added BTC
Open interest in leveraged Bitcoin futures dropped from about $31.3 billion around May 30 to about $21.6 billion in early June.
Over a two-week period, major holders accumulated more than 270,000 BTC.
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