Traditional giants are lowering target prices while keeping an eye on zero inflow expectations. For the barometer of the crypto market, should we trust on-chain data or Wall Street bluster?

Coin Jie (Cryptocurrency) News, according to Reuters, Citigroup has lowered its 12-month Bitcoin price target from $112,000 to $82,000 due to negative ETF outflows and slow progress on U.S. crypto legislation, and has reduced its Ethereum price target from $3,175 to $2,240. Citigroup said that ETF outflows are an important driver of prices; recent Bitcoin ETF outflows are about $3.3 billion, and it expects net ETF inflows over the next 12 months to fall to zero. Citigroup also noted that the slow progress of digital asset legislation has reduced short-term market confidence, which may lead investors to pause broad adoption until a new catalyst appears.