Citi is pitching spot Bitcoin and Ethereum ETFs (exchange-traded funds) to its wealth clients. Over the last two trading sessions, investors pulled about $1 billion from US Bitcoin ETFs.
On Monday, US Bitcoin and Ethereum ETFs lost $538 million combined. These funds, which let investors own crypto through a brokerage account, held $111.3 billion that day, per SoSoValue.
Citi Wealth published “Expanding the Investable Universe: Introduction to Crypto ETFs” in October. It says suitable investors want new assets to sit beside their stocks and bonds.
The report cites regulatory clarity, institutional adoption, and low long-term correlation with traditional assets, meaning crypto has not tended to move in step with them. It also lists risks and suitability limits.
US spot Bitcoin ETFs lost $398.62 million on November 2, SoSoValue data shows. Investors had pulled $643 million out on October 30, a day after hackers took $6.3 billion from Binance.
When investors redeem ETF shares, issuers sell or hand back the Bitcoin behind them. Withdrawals therefore add supply to the coin’s market.
Ethereum ETFs shed $139.80 million on November 2, extending outflows seen in most sessions since early October.
Still, the latest Bitcoin outflow equals about 0.4% of the $98.12 billion the funds hold. BlackRock’s IBIT alone lost $405.3 million in a day, BeInCrypto reported.
Citi said in August that its Custody+ platform will start safekeeping Bitcoin for institutions later this year.
By Sigel’s count, that makes Citi the sixth of 29 global systemically important banks, the lenders regulators treat as too big to fail, with Bitcoin custody live or announced. JPMorgan has said custody is off the table for now, he added.
Sigel also offered an unconfirmed reason for the silence.
“The Binance hack last week could be one reason Citi has stayed quiet on timing. I heard that the service was already set for launch last week,” he said.
Citi has not confirmed that account, and its public guidance remains “later this year.” BeInCrypto first reported the Citi custody plans in August.
Whether Citi names a date before December 31, and whether ETF withdrawals ease, will show if Wall Street’s build-out and investor demand line up again.
The post Citi Sells Clients on Bitcoin ETFs Despite $1 Billion Outflows appeared first on BeInCrypto.
Hourly deposits moved above withdrawals at 10 p.m. ET Nov. 2, one hour before Binance’s cumulative flow window ended.
Ethereum is the blockchain network that supports smart contracts and decentralized applications; Ether is the asset referenced in the estimate.
On-chain analytics firm CryptoQuant reports that cryptocurrency analysts have turned sharply more optimistic about Bitcoin, reaching levels of bullishness not seen since August 2025. According
Gemini’s recent analysis highlights Bitcoin’s historical performance one year after midterm elections, revealing an average gain of 62.3%. Specifically, Bitcoin registered gains of 14% in
Blockchain Bodega is here and you know the vibes. We’re at the intersection of hip-hop culture and web3, exploring this new digital frontier. Who better to guide you through these uncharted lanes than Ock Chain – The Bitcoin Boss and the Consensus Corner Boys?
Ock Chain doesn’t just cook up random details about cryptocurrency; he lives it. Ock’s been deep in the game since Bitcoin was just a baby.
And let’s not forget about the Consensus Corner Boys. They’re our skilled crew of blockchain enthusiasts. They’re here to educate, entertain, and enlighten.
Welcome to Blockchain Bodega!
Copyright © 2023 Blockchain Bodega. All rights reserved.
