Citigroup Boosts Bitcoin Forecast to $113K as Spot ETF Inflows Rebound

Citigroup has lifted its 12-month price targets for bitcoin and ether, citing a recovery in ETF inflows and a supportive broader economic backdrop in a Wednesday note.

The bank now projects bitcoin at $113,000 over the next year, compared with its previous estimate of $82,000. Citi also raised its ether target to $3,028 from $2,240. The revised forecasts are roughly 35% above bitcoin’s current price and 12% above ether’s.

Citi expects crypto investment products, including ETFs, to attract capital at a more gradual but persistent rate. It said advisers and brokerages are likely to increase bitcoin allocations incrementally and forecast approximately $5 billion of inflows over the next 12 months.

U.S. spot bitcoin ETFs have also undergone a notable shift in flows. After recording $5.8 billion in net outflows for the year through July 13, the funds have since moved back into positive territory, with cumulative 2026 net inflows reaching around $800 million by late September.

The bank said developments at the U.S. Securities and Exchange Commission helped reduce some of the negative sentiment following the Senate’s Sept. 15 failure to advance the CLARITY Act. Citi described the SEC’s subsequent rule announcements as a “temporary but meaningful positive.”

According to Citi, regulatory clarity from agencies could serve as a partial substitute for comprehensive legislation during the current electoral cycle. The bank nevertheless noted that a change in administration in 2028 could lead to some agency rules being rolled back, though that risk is beyond its forecast horizon.

Bitcoin advanced more than 10% after the Senate vote and through the end of September, showing resilience despite the legislative setback.

Citi also pointed to the U.S. Treasury’s purchases of longer-dated bonds as a catalyst for renewed momentum in digital assets. The bank said the move helped crypto break out of a months-long stretch of underperformance relative to other risk assets.

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