Citigroup cut its Bitcoin price target to $82,000 and its Ethereum target to $2,240 in a research note published today, down from the previous $112,000 and $3,175 respectively.
The bank also reduced to zero its estimate of net flows into spot crypto ETFs over the next twelve months, a figure it had previously projected at $10 billion — a structural revision of institutional demand, not a simple macroeconomic adjustment.
Citigroup attributed the cuts to three factors: weakening investor appetite for cryptocurrencies, negative flows in Bitcoin ETFs that turned that channel into a headwind, and the lack of progress in U.S. legislation on digital assets. Year-to-date cumulative flows into spot Bitcoin ETFs stood at just $3.3 billion at the time of publication, well below initial expectations.
This marks Citigroup’s second consecutive downgrade in 2026. In March, Alex Saunders, the bank’s head of global quantitative macro and DeFi research, had linked the previous cuts to political delays in Washington surrounding the Digital Asset Market Clarity Act.
The new projection reiterates that reading: without concrete legislative progress or a sustained reversal in ETF flows, the bank’s valuation framework finds insufficient support to maintain higher targets.
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