Citigroup

The sentiment around major crypto exchanges is beginning to diverge sharply, as #CitiGroup takes a cautious stance on #Gemini while turning more optimistic on Bullish. The move reflects a broader shift in how traditional finance is evaluating crypto platforms — not just on hype and user growth, but on regulatory traction and sustainable engagement.

Citigroup’s analyst team, led by Peter Christiansen, reaffirmed its neutral/high-risk rating on Gemini but trimmed the price target from $26 to $23, signaling slower-than-expected growth on the exchange side. Despite a strong marketing push and impressive sign-up numbers for the Gemini Card, Citi says that actual trading activity has failed to keep pace with the excitement.

The data tells the story. October’s trading volumes at Gemini were only slightly above September levels, and notably weaker than July and August — a letdown considering the buzz around the $XRP co-branded card that launched before the exchange’s IPO. Christiansen highlighted that Gemini’s user engagement and transaction depth remain a “waiting game,” suggesting that its expansion strategy may need more time to translate into meaningful market share.

Gemini’s stock still managed to rise 5.5% to $20.60 on Friday, showing that investors haven’t given up on the company’s long-term potential. But Citi’s latest adjustment places Gemini at roughly a 45% discount to Coinbase’s projected 2027 enterprise value-to-sales ratio — a gap that underscores investor caution around its competitive positioning.

On the other side of the spectrum, Citigroup raised its price target for Bullish ( $BLSH ) from $70 to $77, maintaining a buy/high-risk rating. That new target implies nearly 40% upside from its current price of $55.62. The upgrade comes as Bullish gains momentum following its New York BitLicense approval — a significant regulatory milestone that opens the door for broader institutional participation.

Citi’s note highlighted that Bullish’s “expanding institutional access” positions it strongly for the next phase of crypto adoption, especially as traditional finance continues to warm up to digital asset markets. The approval in New York, one of the toughest regulatory environments in the U.S., gives Bullish an edge at a time when many exchanges are still navigating compliance hurdles.

Christiansen’s team pointed out that Bullish is now well-placed to benefit from improving regulatory clarity and the increasing comfort of legacy institutions entering the crypto space. The exchange’s steady growth and focus on compliance-driven expansion have made it a standout among newer entrants, with Citigroup framing it as one of the key platforms driving the next wave of mainstream adoption.

The contrast between Gemini and Bullish is telling. Gemini’s push for consumer engagement through retail cards and app integrations is ambitious but slow to convert into active trading growth. Bullish, meanwhile, is capturing institutional attention at a moment when regulatory trust is becoming a defining advantage in the crypto market.

With both exchanges taking very different routes to scale — Gemini leaning on consumer fintech-style growth and Bullish on regulatory legitimacy — the market’s next moves will depend heavily on how quickly each strategy can deliver measurable traction.

For now, Wall Street seems to have made its call: Gemini may need more time to prove its exchange can match its marketing, while Bullish is emerging as the quiet contender gaining real ground in the eyes of traditional finance.

…Only for it to vanish 90 minutes later.

A Citigroup customer just got “accidentally” transferred $81,000,000,000,000 instead of $280.
Yes, you read that right — 81 TRILLION DOLLARS.

The error went undetected by not one, but TWO employees… until a third finally spotted the jaw-dropping mistake and pulled the plug.

For 90 wild minutes, that account held more money than the GDP of most countries combined — but the customer never got to touch it. Citigroup reversed the transfer just in time.

This isn’t their first colossal blunder:

In 2020, they mistakenly sent $893 million to Revlon’s lenders — some never gave it back.

In 2022, a stock error triggered a shockwave in European markets.

Question is: how many more “mistakes” before something slips through?

If a bank can “accidentally” send TRILLIONS, what else is going unnoticed?

Citigroup’s control systems are under fire — again.
And this story? It’s not just shocking. It’s a warning.

TRUMP WARNS MUSK OF SERIOUS CONSEQUENCES OVER DEMOCRAT FUNDING!
Donald Trump has warned Elon Musk of "serious consequences" if he backs Democratic candidates or funds efforts to unseat Republicans supporting a controversial government spending bill. The warning comes after a public feud between the two, sparked by Musk's criticism of Trump's spending package as a "disgusting abomination".
Key Points:
- Trump's Warning: Trump stated that Musk will "have to pay very serious consequences" if he decides to fund Democratic candidates, without specifying what those consequences would be.
Feud Background: The spat began when Musk criticized Trump's spending bill, which could add $2.4 trillion to the US debt over 10 years, prompting Trump to lash out in an Oval Office outburst.
Deleted Posts: Musk deleted some social media posts critical of Trump, including one suggesting Trump should be impeached, potentially indicating a desire to de-escalate the feud.
Musk's Previous Support: Musk bankrolled a large part of Trump's 2024 presidential campaign, spending nearly $300 million, and was appointed to lead an effort to downsize the federal workforce and slash spending .
Current Status:
Trump has stated that his relationship with Musk is over, and he has no intention of speaking to him. Vice President JD Vance has called Musk's criticism of Trump a "huge mistake" and hopes Musk will eventually "come back into the fold" .#BigTechStablecoin #MarketPullback #TrumpVsMusk $BTC $TRUMP