Citigroup has highlighted Bitcoin's sensitivity to equity markets following a wave of leveraged long liquidations. The bank observed that heightened U.S.-China trade tensions led to a futures sell-off, impacting both cryptocurrencies and equities. This resulted in a sharp flash crash on Friday, wiping out over $500 billion in crypto market value and triggering nearly $20 billion in liquidations. Bitcoin briefly plummeted 13% to a low of $102,000 before recovering to around $111,700. Despite the volatility, Citigroup noted that ETF inflows remained strong, suggesting continued interest from a new generation of less leveraged investors. The bank maintains a 12-month price target of $181,000 for Bitcoin and $5,400 for Ethereum, with year-end forecasts of $133,000 and $4,500, respectively. Citi emphasized that ongoing ETF inflows support their base case, while a bearish outlook would depend on further equity market weakness.