Over the past four weeks, cryptocurrency funds have recorded the largest inflows ever ($12.2 billion). Citibank noted that since its launch in 2024, the flow of U.S. spot Bitcoin ETFs alone has accounted for 41% of the change in Bitcoin returns. An estimated weekly inflow of $1 billion in ETFs correlates with Bitcoin's 3.6% return growth. Citigroup Bitcoin Year-End Forecast: - Base scenario: $135,000. Assuming a 20% increase in users, a slight negative impact on macro factors, and an additional $15 billion in ETF inflows. - Bull market scenario: $199,000. Mainly driven by more aggressive ETF inflows ($25 billion). - Bear market scenario: $64,000. This is mainly driven by the deterioration of the macro environment, especially the weakening of US stocks.