Bitcoin Uncertainty Deepens as US Spot ETFs Suffer Worst Month Since Launch
The Bitcoin market is navigating a period of intense uncertainty following a brutal month characterized by massive capital flight. US spot Bitcoin ETFs recorded a staggering $4.5 billion in net outflows in June, marking their worst performance since their inception in January 2024, as the asset price plummeted toward a 21-month low of $58,190.
Institutional sentiment is shifting alongside the price action, evidenced by Citigroup slashing its 12-month Bitcoin target from $112,000 to $82,000. As leveraged futures open interest retreats from its $31.3 billion peak, investors are closely watching whether this volatility will trigger further liquidations or provide a foundation for a recovery.
Institutional outlooks are also cooling; Citigroup has cut its 12-month Bitcoin target to $82,000, down from a previous $112,000. Furthermore, the market saw a significant reduction in leverage, with leveraged futures open interest falling from approximately $31.3 billion, reflecting a cautious stance among high-stakes traders.
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