Citi slashed its 12-month forecasts for both bitcoin and ether, citing a sharp deterioration in ETF flows and fading prospects for a near-term legislative catalyst in the United States.

The brokerage, in a note dated Tuesday, cut its bitcoin (=BTC) target to $82,000 from $112,000 and lowered its ether BITSTAMP:ETHUSD forecast to $2,240 from $3,175.