[Citi: Bitcoin Approaching Pre-U.S. Election Support Level, ETF Inflows Have Significantly Slowed] According to CoinDesk, Citi Bank (Citi) analysts have pointed out that Bitcoin is nearing a critical price support level ahead of the U.S. election. The report states that after weeks of continuous decline, Bitcoin's price has fallen below the bank's estimated average entry cost for U.S. spot Bitcoin ETFs, approximately $81,600, and is approaching the key level of around $70,000 from before last year's election. The report highlights that the primary new demand supporting the market—ETF inflows—has significantly slowed, while the futures market continues to see long positions being closed. Analysts noted that the cryptocurrency market exhibits volatility similar to precious metals but has failed to follow gold's recent safe-haven rally, underscoring that its price remains primarily influenced by liquidity conditions and risk sentiment rather than safe-haven demand. The report believes that regulatory progress remains a key potential catalyst, but the slow and uneven advancement of the U.S. Digital Asset Market Structure Bill has dampened related expectations. The report also mentions macro risks, including concerns over the Federal Reserve's balance sheet reduction, which historically has pressured crypto assets by reducing liquidity in the banking system.