Citi pitches Bitcoin ETFs to wealth clients as the funds lose $1 billion in two sessions

Citi is telling wealth clients how to own Bitcoin through exchange-traded funds, and investors are heading the other way for now. Citi Wealth published "Expanding the Investable Universe: Introduction to Crypto ETFs" in October, BeInCrypto reported, carried by Yahoo Finance. Over two sessions, US spot Bitcoin ETFs lost about $1 billion, according to SoSoValue figures cited in the same report.

What the Citi report is, and is not

It is an educational primer for "suitable investors" who want assets that sit alongside stocks and bonds, and it lists risks and suitability limits along with the case for crypto, per the report's description. It is not a price call. Nothing in the coverage we read describes it as a price call or a recommendation to buy. Separately, Citi said in August that its Custody+ platform would begin safekeeping Bitcoin for institutions "later this year", and it has not named a date.

The flows

Scale matters. The latest daily outflow equals about 0.4% of what the Bitcoin funds hold, per BeInCrypto. When shares are redeemed, the issuer sells or returns the Bitcoin behind them, so withdrawals add supply. Bitcoin traded at $79,457 on Coinbase Exchange at 9:33 AM ET on November 5, against a 24-hour open of $79,237. We covered the rebound after the election in yesterday's report.

Bitwise's 2036 model, in plain arithmetic

Bitwise raised its ten-year Bitcoin forecast in late October, with The Block, Bitcoin Magazine and others reporting a base case of $1.6 million by 2036 and about 34% annualized returns. A bull case near $3.67 million has been reported as well. These are forecasts from an asset manager that sells Bitcoin products, and we have not seen the full model, so we only test the arithmetic against today's price.

• $1.6 million from $79,457 is a 20-fold gain, or about 35% a year for ten years.
• $3.67 million is a 46-fold gain, or about 47% a year.

Bitcoin's one-year chart above shows a drawdown of 25% from its November 2025 level even before any ten-year path begins. A compounding rate of 35% a year has to survive every drawdown on the way.

Who holds Bitcoin on the balance sheet

According to Bitcoin Treasuries, Tether's chief executive Paolo Ardoino says the company owns 150,000 Bitcoin, worth about $11.6 billion, and Block added 120 Bitcoin for a total of 9,237. We could not independently confirm the "199 public companies hold 1.266 million Bitcoin" tally cited in some commentary, so we leave it out. A company holding Bitcoin is a corporate treasury choice and does not move the ETF flow numbers above.

What to watch next: whether Wednesday and Thursday ETF flows turn positive, and whether Citi gives a date for custody. Live quotes are on our crypto prices page.

Sources: BeInCrypto via Yahoo Finance (Citi Wealth report, flows, custody timing); Coinbase Exchange API (price); Bitcoin Treasuries (Tether and Block headlines); The Block, Bitcoin Magazine and Cointelegraph-network headlines (Bitwise forecast); percentages are our own arithmetic. Information, not investment advice.