Citibank: The price of Bitcoin depends on buyer demand.

According to the Financial Times, Citigroup analysts Alex Saunders and Nathaniel Rupert stated, "If more people buy bitcoin, its price will rise - if nobody buys, the price will not rise." Their updated framework puts users and institutions at the core of bitcoin valuation, rejecting old models such as mining costs or circulating supply ratios. ETF inflows can currently explain nearly 40% of recent price fluctuations.