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Citi cuts bitcoin, ether forecasts as ETF flows turn negative
Citigroup slashed its 12-month forecasts for bitcoin and ether, saying weakening investor appetite, negative exchange-traded fund flows and a lack of progress on U.S. digital asset legislation have hurt the outlook for the two largest cryptocurrencies.
The brokerage, in a note dated Tuesday, lowered its target for bitcoin to $82,000 from $112,000 and trimmed its ether forecast to $2,240 from $3,175.
Cantor says bitcoin bear market may be entering final stretch
Wall Street bank Cantor Fitzgerald said crypto markets are entering the final stage of the current bear cycle, with bitcoin's historical trading patterns pointing to a potential bottom in the coming months.
"Ultimately, our belief is that we are only a few months away from the bottom of this pullback," analysts led by Gareth Gacetta said in the Tuesday report.
Robinhood rolls out public blockchain as it expands deeper into crypto
Robinhood officially launched the public mainnet for Robinhood Chain, marking the company's biggest step yet into onchain financial infrastructure as it looks to expand beyond brokerage services and into decentralized finance.
Announced during a Wednesday event in London, Robinhood Chain is a layer-2 blockchain built on Arbitrum (ARB) and designed for tokenized real-world assets and decentralized finance applications. The launch comes about four months after Robinhood began testing the network on testnet.
Bitcoin & Ethereum Spot ETF Flow
The overall net outflow of the US Bitcoin spot ETF on Wednesday was $75.23 million. The total net asset value of Bitcoin spot ETFs is $71.55 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 2.37%.
The Bitcoin spot ETF with the highest net outflow on July 1 was Grayscale Bitcoin Trust, with a net outflow of $62.79 million, according to SoSoValue.
Source: SoSoValue