Citi raises 12-month Bitcoin target to $113,000, Ethereum to $3,028

Citigroup raised its 12-month Bitcoin price target to $113,000 from $82,000 and its Ethereum target to $3,028 from $2,240, Reuters reported. The bank cited stronger crypto-market activity, a supportive macroeconomic backdrop and returning ETF inflows. Both targets are around 35% above the bank's previous targets. CoinGecko data puts Bitcoin at around $83,900, implying roughly 35% upside if Citi's target is met. CoinGecko data puts Ethereum at around $2,700, implying roughly 12% upside if Citi's target is met. In a note dated Wednesday, Citi forecast $5 billion in inflows over the next 12 months as advisers and brokerages gradually increase Bitcoin allocations. Citi expects those inflows to resume at a slower but steadier pace. The available summary of the note does not clarify whether the $5 billion forecast covers spot Bitcoin ETFs alone or crypto products more broadly. According to SoSoValue, spot Bitcoin ETFs recorded a small net outflow over the 12 months to September, including six months of outflows. The funds lost $4.51 billion in June alone. The funds have taken in $880 million across 2026 so far, compared with $21.37 billion in 2025. Citi's $113,000 Bitcoin target is about 10% below Bitcoin's October 2025 high of approximately $126,200. Citi said the Clarity Act's failure in the Senate last month narrowed the path to a market-structure bill. The bank said subsequent Securities and Exchange Commission rule announcements eased negative sentiment. Citi noted that Bitcoin gained close to 40% over the past three months, reducing its loss for the year to roughly 4%. Citi noted that Ethereum gained close to 68% over the past three months, reducing its loss for the year to roughly 9%. Spot Bitcoin ETFs subsequently recorded nine straight sessions of inflows totaling about $3.08 billion from September 17, narrowly exceeding a nine-day run in August. The funds drew $2.4 billion in the week to September 25, their largest weekly inflow since October 2025, pushing them back into positive territory for the year. Bitcoin's summer rebound dates to August 19, when the Treasury said it would double its longer-dated bond buybacks to at least $4 billion per operation. Daily ETF inflows eased to $66 million on September 29. Bitcoin rose above $85,000 after cooler-than-expected PCE data before falling back, leaving it roughly one-third below its October 2025 record of $126,296.