Citi Says Crypto’s Weakness Stems From Slowing ETF Flows and Fading Risk Appetite
Wall Street bank Citi (C) said the latest bout of crypto market weakness comes despite buoyant equity performance, with October’s sharp liquidations leaving a dent in investor confidence. The Oct. 10 sell-off curtailed risk-taking not only among leveraged crypto traders but also among newer spot exchange-traded fund (ETF) investors, who have since pulled back, analysts Alex Saunders and Nathaniel Rupert wrote in a Tuesday report. Flows into U.S. spot bitcoin (BTC) ETFs have slowed sharply in recent weeks ...