PANews reported on November 5th, citing CoinDesk, that Wall Street bank Citigroup stated that while the stock market has performed strongly, the cryptocurrency market has recently weakened again, with the massive liquidation in October dampening investor confidence. The sell-off on October 10th lowered the risk appetite of leveraged traders and new spot ETF investors, the latter of whom have withdrawn their investments. Recently, inflows into US spot Bitcoin ETFs have decreased significantly, weakening a key factor supporting the market's optimistic outlook. Citigroup had originally predicted continued ETF inflows as financial advisors and others increased their Bitcoin exposure, but the momentum has now stalled, and market sentiment may remain weak.

On-chain data also added to the cautious atmosphere, with a decline in the number of large Bitcoin holders, an increase in the number of small retail wallets, and lower funding rates, indicating that long-term investors may be selling and leverage demand is weakening. Technically, Bitcoin broke below its 200-day moving average, which may further suppress demand. Citi also linked Bitcoin's weakness to tightening bank liquidity. The report concluded that spot ETF fund flows are a key signal for observing a shift in cryptocurrency market sentiment.