Citi has lowered its 12-month price targets for both bitcoin and ether.

CoinPost, a blockchain media outlet, reported on Tuesday that Citi, in a recent report, cut its bitcoin price target to $82,000 from $112,000 and its ether target to $2,240 from $3,175.

The main driver is a shift in its outlook for fund flows into bitcoin spot exchange-traded funds (ETFs). Citi withdrew its previous assumption that $10 billion would flow into bitcoin ETFs over the next 12 months, cutting it to zero. It said investor sentiment worsened as ETF flows weakened, delays persisted in overhauling U.S. Clarity legislation and concerns grew about selling by companies holding bitcoin.

It is also leaning toward a bearish view of price action. Bitcoin fell to as low as $58,864.27 on June 30, the lowest level since September 2024. That is down nearly half from its October 2025 peak of $126,223.18. Ether also slid to $1,585.63, entering a lower price range since April 2025.

Citi also laid out a bearish scenario. It said bitcoin could fall to $53,000 and ether to $1,094 if a recession takes hold and ETF outflows continue. It pointed to the two assets trading below long-term moving averages as a signal reflecting bearish sentiment. It also said the outflow of funds from the crypto market accelerated as money moved into AI-related assets.

Outflows also widened in the ETF market. SosoValue data showed U.S.-listed bitcoin spot ETFs posted net outflows of about $4.5 billion in June 2026. That was the biggest monthly outflow since their listing in January 2024. It exceeded the previous peak of $3.48 billion in February 2025. Assets under management fell to about $71.0 billion as of late June, and bitcoin prices fell about 20 percent in the same month.

Pressure is also rising on companies that have accumulated bitcoin like a treasury asset. A 21Shares interim report said 13 of 18 major corporate bitcoin holders are trading at valuations below the market value of their holdings. The report also included that asset sales have already begun at some companies as financing conditions worsened.

Selling examples have also continued. Strategy, formerly MicroStrategy, sold part of its bitcoin holdings for the first time since 2022. Mara Holdings disposed of more than 15,000 BTC to raise funds to repay convertible bonds. Nakamoto Holdings was also reported to have sold bitcoin while sitting on an unrealised loss of about 40 percent.

This trend shows that falling prices are affecting ETF supply and demand and corporate finances at the same time. Citi’s move to cut its ETF inflow outlook to zero and cite the possibility of selling by corporate holders as a burden factor reflects the same context. Markets may see greater volatility depending on whether ETF flows turn around and whether further corporate selling continues.