US spot Bitcoin ETFs logged $4.5 billion in net outflows in June, their worst month since launching in January 2024, as Bitcoin slid 20.48% and later hit a 21-month low of $58,190 on July 1. Citigroup cut its 12-month Bitcoin target to $82,000 from $112,000, while leveraged futures open interest fell from about $31.3 billion to $21.6 billion, setting up a debate over whether the washout marked a bottom or another leg down ahead of the Fed’s July 28-29 meeting.
Key Takeaways
Citi slashed Bitcoin’s 12-month target to $82,000 as $4.5B ETF outflows hit in June.Strategy sold 32 BTC for $2.5M, first sale since Dec 2022, while holding 843,706 BTC.Leveraged futures OI dropped $9.7B to $21.6B, with the Fed’s July 28-29 meeting pivotal.
