Citigroup Lifts 12-Month Bitcoin Target to $113K as ETF Inflows Return

Citigroup (C) has lifted its 12-month price targets for bitcoin and ether, citing renewed exchange-traded fund (ETF) inflows and a supportive macroeconomic backdrop in a note published Wednesday.

The financial services giant increased its 12-month bitcoin target from $82,000 to $113,000, while raising its ether forecast from $2,240 to $3,028. Based on their current prices, the revised targets represent potential increases of roughly 35% for BTC and 12% for ETH.

Citi expects inflows into crypto investment products such as ETFs to continue at a slower but more persistent pace, as financial advisers and brokerages gradually increase their bitcoin allocations. The bank forecasts around $5 billion in ETF inflows over the next 12 months.

U.S. spot bitcoin ETFs had recorded $5.8 billion in year-to-date net outflows as of July 13. That trend has since reversed, with cumulative 2026 net inflows reaching about $800 million by late September.

Citi also pointed to developments at the U.S. Securities and Exchange Commission (SEC) as helping ease negative sentiment after the U.S. Senate failed to advance the CLARITY Act in mid-September. The bank described the SEC’s subsequent rule announcements as a “temporary but meaningful positive.”

“At this stage of the electoral cycle stage, rulemaking clarity may substitute for a durable Clarity Act,” Citi said. “However, we see risk that a 2028 administration change could roll back agency-promulgated rules, albeit this concern lies outside our forecast horizon.”

The crypto market remained resilient after the Senate rejected the CLARITY Act on Sept. 15, with bitcoin rising more than 10% by the end of September.

Citi also highlighted the U.S. Treasury’s purchases of longer-dated bonds, saying the move helped restore momentum across the cryptocurrency market and contributed to a breakout from a months-long period in which crypto assets had lagged other risk assets.

UPDATE (Oct. 1, 12:00 UTC): Reuters attributions removed and additional details from Citi’s note added.