Citi Research: Bitcoin ETF redemptions of $1 billion will drag down the price by about 3.4%

The cumulative outflow of funds from Bitcoin ETFs listed in the United States this month has reached $3.5 billion, approaching the record monthly outflow of $3.6 billion set in February 2024. Among them, the redemption amount of the BlackRock-managed IBIT fund reached $2.2 billion, accounting for 60%, which could create the fund's worst monthly performance since its launch.

The withdrawal of funds has intensified the downward pressure on Bitcoin, with the price once dropping to $80,553. Citi Research estimates that every $1 billion in redemptions will drag down (spot) prices by about 3.4%, and vice versa.