Citigroup has cut its 12-month forecasts: BTC from $112,000 to $82,000, ETH from $3,175 to $2,240.

The key reason is the revision of the expected inflow into ETFs from $10 billion to zero.

June became the worst month for Bitcoin ETFs since their launch in January 2024: outflows totaled about $4–4.5 billion, and over the past year, the net outflow reached $3.3 billion.

Among the pressure factors are negative ETF flows, the lack of progress on the CLARITY Act, concerns about BTC sales by crypto treasury companies, and capital rotation into AI assets.

In a bearish scenario—characterized by recession and continued outflows—Citi estimates Bitcoin at $53,000 and Ether at $1,094.