[Citigroup Research: Bitcoin ETF Redemptions Intensify Downward Price Pressure] Bitcoin ETFs listed in the U.S. saw outflows totaling $3.5 billion this month, nearing the record monthly outflow of $3.6 billion set in February 2024. Among them, BlackRock's IBIT fund experienced redemptions of $2.2 billion, accounting for approximately 60% of the total, potentially marking its worst monthly performance since the fund's inception. Bitcoin's price, impacted by the capital outflows, briefly dropped to $80,553. Citigroup Research estimates that every $1 billion in redemptions leads to a spot price decline of approximately 3.4%.