Crypto Market Sees Major Developments with Bitcoin ETFs, Citi's Ethereum Target, and Polygon's Crypto Checkout

Crypto market developments include a significant net outflow of Bitcoin spot ETFs, a raised Ethereum target by Citi, and the launch of crypto checkout on Polygon.

According to SoSoValue, Bitcoin spot ETFs recorded a net outflow of USD 148.69 million, with Fidelity's FBTC leading the way at USD 125.58 million. This is a notable figure, but it is worth noting that the total historical net inflow for these ETFs stands at USD 57.50 billion.

Citi, a major financial institution, has raised its 12-month Ethereum target to USD 3,028, citing stronger market activity and improving macro conditions. It has also increased its Bitcoin target to USD 113,000, a significant increase from its previous target of USD 82,000.

Polygon has introduced a crypto checkout feature, allowing merchants to accept payments in cryptocurrencies alongside traditional methods. This new feature utilizes Polygon's cross-chain routing, which handles swaps, bridging, and network fees in real-time.