Citigroup Research: Each 1 billion USD in Bitcoin ETF redemptions could decrease the price by about 3.4%

In November 2024, US-listed Bitcoin ETFs experienced 3.5 billion USD in outflows, with BlackRock’s IBIT fund accounting for 2.2 billion USD, or 60% of these withdrawals. This situation led to a drop in BTC pricing to 80,553 USD, potentially pushing the market lower based on Citi Research’s estimate of a 3.4% reduction per each billion USD redeemed.