Citigroup lifted its 12-month Bitcoin price target to $113,000 from $82,000 and raised its Ethereum target to $3,028 from $2,240, according to a research note cited by Reuters. The 35% increase across both targets reflects stronger activity in crypto markets, a supportive macroeconomic backdrop, and the resumption of exchange-traded fund inflows.

The bank’s new Bitcoin target sits 10% below the all-time high of approximately $126,200 set in October 2025. If the $113,000 target is met, Bitcoin would deliver 35% upside from current levels near $83,900 per CoinGecko. Ethereum would post 12% gains to reach the $3,028 level from roughly $2,700.

ETF Inflows Drive the Outlook

Spot Bitcoin ETFs have drawn inflows for nine consecutive days as of late September. The nine-day run beginning September 17 brought in $3.08 billion, followed by $2.4 billion in inflows for the week ending September 25. Daily inflows fell to $66 million by September 29.

Citigroup expects inflows to resume at a slower but steadier pace as advisers and brokerages gradually increase their allocations to Bitcoin. The bank projects $5 billion in crypto inflows over the next 12 months, though the scope of that forecast, whether limited to spot Bitcoin ETFs or broader crypto products, is not specified in the available summary.

The context for the upgrade is notable. Spot Bitcoin ETFs ended the 12-month period to September with a net outflow, including six negative months in that span. June alone saw $4.51 billion in outflows. Year-to-date inflows through 2026 stand at $880 million, sharply below the $21.37 billion that flowed into the products during 2025.

Macro Backdrop and Regulatory Signals

Citigroup cited macroeconomic conditions as a pillar of its upgrade. The bank pointed to Treasury bond buyback increases announced on August 19, when the Treasury said it would double its longer-dated bond buybacks to at least $4 billion per operation. Bitcoin’s summer rebound traces to that announcement.

On the regulatory front, the bank noted that recent SEC rule announcements have eased negative sentiment. The Clarity Act’s failure in the Senate last month, however, “narrowed the path to a market-structure bill,” Citigroup said.

Recent Price Performance

Bitcoin and Ethereum have rallied sharply in recent months. Bitcoin has gained 40% over the past three months despite posting 4% losses for the full year. Ethereum has climbed 68% over the same three-month window, though it remains down 9% year-to-date.