Citigroup: Bitcoin ETF redemptions of $1 billion will weigh on prices by about 3.4%

According to Bloomberg, U.S. listed Bitcoin ETFs have seen a cumulative outflow of $3.5 billion this month, nearing the single-month outflow record of $3.6 billion set in February 2024. Among them, the redemption amount of BlackRock's IBIT fund reached $2.2 billion, accounting for 60%, which may create the fund's worst monthly performance since its launch.

The outflow of funds has intensified downward pressure on Bitcoin, with the price briefly falling to $80,553. Citi Research estimates that every $1 billion in redemptions will drag down the (spot) price by about 3.4%, and vice versa.