Bloomberg's Balchunas Disputes Citi Report Linking Bitcoin ETF Outflows to Price Declines

Bloomberg Senior ETF Analyst Eric Balchunas challenged a Citi research note claiming U.S. spot Bitcoin ETF outflows directly correlate with price declines. Citi estimated each $1 billion in withdrawals corresponds to a 3.4% price drop. Balchunas argued the calculation ignores $22.5 billion in year-to-date inflows, which would imply a 77% price increase by the same logic.