In the past four weeks, cryptocurrency funds have recorded the largest inflow of funds in history ($12.2 billion). Citibank points out that since its launch in 2024, the cash flow of US spot Bitcoin ETFs alone can explain 41% of the change in Bitcoin returns. The estimated weekly inflow of $1 billion in ETF funds is correlated with a 3.6% increase in Bitcoin returns. Citi Bitcoin year-end forecast: -Basic scenario: 135000 US dollars. Assuming a 20% increase in users, a slight negative impact from macro factors, and an additional $15 billion inflow of ETF funds. -Bull market scenario: $199000. Mainly driven by the inflow of more aggressive ETF funds ($25 billion). -Bear market scenario: $64000. Mainly driven by the deterioration of the macro environment, especially the weakening of the US stock market.