Citigroup Sees $113k Bitcoin Target as ETF Inflows Reach $2.4B
The month of September saw significant inflows into Bitcoin ETFs, with a near-$999 million single-day influx on September 21. This was part of a larger trend, with cumulative inflows ranging from $2.4 to $3.1 billion mid-to-late in the month.
Citigroup raised its 12-month target for Bitcoin to USD to $113,000, citing stronger crypto activity and resumed ETF inflows. The investment bank forecasts about $5 billion in inflows next year.
However, not all was smooth sailing for Bitcoin. In just 24 hours, approximately 75,142 spot CFD positions were liquidated, totaling around $269.6 million in forced closures of leveraged trades. This comes as the cryptocurrency's spot demand appears to be weakening, with an estimated 30-day drop of about 170,000 BTC.