Citi: Each $1 billion Bitcoin ETF redemption will drag down the price by about 3.4%

ChainCatcher news, according to Bloomberg, US-listed bitcoin ETFs have seen a cumulative outflow of $3.5 billion this month, approaching the single-month outflow record of $3.6 billion set in February 2024. Among them, BlackRock's IBIT fund saw redemptions as high as $2.2 billion, accounting for 60%, which may mark the fund's worst monthly performance since its launch.

The capital outflows have intensified downward pressure on bitcoin, with its price once dropping to $80,553. Citi Research estimates that every $1 billion redeemed will drag the (spot) price down by about 3.4%, and vice versa.