Citi: Bitcoin's lack of fresh investors matters more than Strategy's sale, Citi says

Strategy unloading of bitcoin may have rattled markets, but Citi said the bigger issue for bitcoin is a missing bid from new buyers. What to know : Citi said Strategy's recent bitcoin sale was part of a previously disclosed tax-optimization plan and does not alter the firm's broader strategy. The bank estimated spot bitcoin ETF flows explain roughly 45% of weekly BTC price moves and remain the best gauge of investor adoption. The bank expects sentiment to remain subdued as ETF flows turn negative and prospects for a U.S. crypto market structure bill diminish.