Citigroup has raised its 12-month price target for Bitcoin to $113,000, up from $82,000, and its target for Ethereum to $3,028, up from $2,240, citing stronger activity across crypto markets, a supportive macroeconomic backdrop, and the return of ETF inflows, according to Reuters.

Both new targets represent increases of roughly 35% over the bank's previous estimates. Bitcoin was trading near $83,900 and Ethereum near $2,700, according to CoinGecko data, implying approximately 35% upside for Bitcoin and 12% for Ethereum if the targets are met. Even if the call proves accurate, Citi's Bitcoin target would still sit about 10% below the all-time high of roughly $126,200 set in October 2025. Price targets in sell-side research function as scenario benchmarks rather than trading commitments, giving clients a reference point when weighing exposure.

In a research note dated Wednesday, the bank said it expects crypto inflows to resume at a slower but steadier pace going forward, as financial advisers and brokerages gradually raise their allocations to Bitcoin. On that basis, Citigroup forecast $5 billion of inflows over the next 12 months — an average of roughly $400 million a month.

Measured against the past year, that figure would represent a turnaround rather than a modest ask. Spot Bitcoin ETFs ended the twelve months to September with a small net outflow, according to SoSoValue, with six negative months in that span, including $4.51 billion of outflows in June alone. The funds have taken in $880 million across 2026 so far, against $21.37 billion in 2025. Whether Citi's figure covers spot Bitcoin ETFs alone or crypto products more broadly is not clear from the summary of the note — a scope question that will shape how the projection stacks up against future flow reports.

On the regulatory front, the bank said the Clarity Act's failure in the Senate last month — a digital-asset market-structure measure — had "narrowed the path to a market-structure bill," while prompting rule announcements from the Securities and Exchange Commission that took the edge off negative sentiment. Alongside ETF flow data, the SEC's rulemaking calendar and any renewed congressional movement on market structure are the concrete items against which the assumptions behind the upgrade will be checked.

The rally underpinning the upgrade has been sharp. In the bank's assessment, Bitcoin and Ethereum have gained close to 40% and 68%, respectively, over the past three months. Those advances have cut the two assets' losses for the year to roughly 4% and 9%, Citi noted.

Spot Bitcoin ETFs have since recorded money coming in for nine consecutive sessions, drawing approximately $3.08 billion from September 17 onward — a stretch that narrowly beat August's nine-day run of inflows. The week to September 25 alone attracted $2.4 billion, the funds' biggest week since October 2025, and pushed them back into positive territory for the year as a whole.

Bitcoin's summer rebound traces to August 19, when the U.S. Treasury Department said it would double its longer-dated bond buybacks to at least $4 billion per operation. Momentum has eased since then. Daily inflows into the funds fell to $66 million on September 29, while Bitcoin rose above $85,000 after cooler-than-expected PCE inflation data — the personal consumption expenditures index, the Federal Reserve's preferred inflation gauge — before settling back. The asset remains roughly a third below its October 2025 record of $126,296.