Citi raised its 12-month bitcoin price target to $113,000 and its ether target to $3,028, citing stronger crypto activity, supportive economic conditions and returning exchange-traded fund inflows. The bank now expects $5 billion in crypto investment product inflows over the next year, up from a prior assumption of no net buying.
Citi lifted its bitcoin forecast to $113,000 from $82,000 in a Sept. 30 research note, according to Reuters. The bank also raised its ether target to $3,028 from $2,240, a revision Citi analyst Alex Saunders attributed to stronger cryptocurrency activity, supportive macro conditions and returning ETF inflows, alongside recent Securities and Exchange Commission rulemaking.
Citi raises crypto targets on stronger activity
The new targets mark increases of $31,000, or about 37.8%, for bitcoin and $788, or roughly 35.2%, for ether. Market prices for the two assets have gained nearly 40% and 68%, respectively, over three months, though bitcoin remains down about 3% for the year and ether down about 9%.
According to Saunders: "The increase draws from all three components of our process: activity, macro, and ETF flows." Citi also replaced its prior assumption of no net buying with a new base case. Saunders said the bank now assumes $5 billion in inflows over the next 12 months, as advisers and brokerages gradually raise allocations through ETF products.
ETF flows swing ahead of the revision
The demand recovery built momentum in the week ending Sept. 25, when U.S. bitcoin funds pulled in $2.39 billion in net inflows, their strongest week since October 2025, while ether products took in $689.88 million over the same stretch. Bitcoin funds then extended the run to nine straight sessions with $66.19 million added on Sept. 29, led by Blackrock's iShares Bitcoin Trust.
That streak broke on Sept. 30, however, when Farside Investors recorded $148.7 million in net withdrawals, with Fidelity's Wise Origin Bitcoin Fund accounting for $125.6 million of the outflow.
Regulatory shifts shape the outlook
Citi tied part of its improved view to the regulatory backdrop after the Senate failed to advance the Clarity Act, a digital asset market structure bill. The bank judged subsequent SEC rule announcements to have eased negative sentiment, and it also linked renewed crypto momentum to Treasury purchases of longer-dated bonds. Citi cautioned that a change in administration in 2028 could reverse agency rules, a scenario outside its current forecast horizon.
Source: Bitcoin News
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