Citigroup lowered its 12-month price forecasts for the two largest cryptocurrencies in a Tuesday note.
Analysts reduced the bitcoin target to $82,000 from $112,000. The bank cut its ether forecast to $2,240 from $3,175.
The downward revision follows weakening investor appetite and negative flows from exchange-traded funds (ETFs). Citi adjusted its 12-month net ETF inflow assumption to zero from a previous $10 billion estimate.
The bank also cited a lack of progress on U.S. digital asset legislation as a driver for the deteriorating outlook.