US spot Bitcoin ETF net outflow of $4.5 billion in June, Citigroup lowers Bitcoin and Ethereum target prices

The US spot Bitcoin ETF had a net outflow of $4.5 billion in June, marking its worst monthly performance since its launch in January 2024. Bitcoin fell 20.48% in June and hit a 21 month low of $581900 on July 1st. Citigroup has lowered its 12-month target price for Bitcoin from $112000 to $82000, after previously lowering it from $143000 on March 17th. Citigroup has lowered its 12-month target price for Ethereum from $3175 to $2240. Strategy sold 32 bitcoins for approximately $2.5 million from May 26th to 31st, marking the first sale since December 2022. As of May 31st, Strategy holds 843706 bitcoins, and the board of directors has approved a framework for the sale of up to $1.25 billion worth of bitcoins. The open interest of leveraged Bitcoin futures contracts decreased from approximately $31.3 billion around May 30th to approximately $21.6 billion at the beginning of June. Within two weeks, major holders increased their holdings of over 270000 bitcoins.