Citi Wealth Backs Crypto ETFs Despite Roughly $1 Billion in Outflows

Citi Wealth is actively recommending spot Bitcoin and Ether exchange-traded funds to suitable clients as portfolio diversifiers following its 'Expanding the Investable Universe: Introduction to Crypto ETFs' report. The push comes as US spot Bitcoin ETFs suffered approximately $1 billion in redemptions across two sessions, sparked by a $6.3 billion Binance security breach. Funds bled $643 million on October 30 and $398.62 million on November 2, with BlackRock's IBIT shedding $405.3 million in a single day. Spot Ethereum ETFs also lost $139.80 million, leaving combined US crypto ETF holdings at about $111.3 billion.