Citi cut its 12-month Bitcoin price target to $82,000 from $112,000 (and Ether to $2,240 from $3,175), and now assumes zero net Bitcoin ETF inflows over the next 12 months, down from a prior $10 billion forecast, citing stalled US crypto legislation and weak investor demand.
why it mattersA major bank going to zero on ETF inflow expectations signals institutional demand has stalled, a key pillar of the recent bull case.
CoinDesk
US spot Bitcoin ETFs shed $4.51 billion net in June, their worst month since launch, beating the prior record by 29%. BlackRock's IBIT alone accounted for $3.55 billion of the total, and outflows extended to nine straight trading days through June 30.
why it mattersRecord ETF redemptions are the direct driver behind Bitcoin's June selloff and set the tone for early-July price action.
CoinDesk
Strategy (formerly MicroStrategy) rolled out a new 'Digital Credit Capital Framework' that for the first time authorizes selling up to $1.25 billion of its Bitcoin holdings to build a USD reserve, alongside up to $2 billion in stock and security buybacks. MSTR shares whipsawed, popping over 4% before tumbling about 8% the next session.
why it mattersStrategy has never authorized selling BTC since its 2020 accumulation strategy began — a symbolic break from its 'never sell' stance amid financing pressure.
CoinDesk
SBI Crypto announced it will wind down its Bitcoin mining pool, ceasing operations on July 31 (a 22:00 UTC July 30 cutoff). The pool represented about 2.2% of Bitcoin's network hashrate as of June 30.
why it mattersA top-15 mining pool exiting shifts hashrate distribution and forces its customer base to migrate ahead of the deadline.
Blockspace Media