Citi Raises Its Bitcoin Target to $113,000 as ETF Demand Returns

Citi has made a much bigger bet on the next year for crypto.

The bank raised its 12-month Bitcoin target to $113,000 from $82,000 and lifted its Ether target to $3,028 from $2,240. Both revisions are roughly 35% higher than Citi’s previous calls.

According to CoinDesk’s summary of Citi’s research, the bank expects about $5 billion to move into crypto investment products over the next 12 months. Citi described the expected flow as slower but steadier as advisers and brokerages gradually increase client allocations.

The forecast leans on more than price momentum. Citi pointed to stronger crypto-market activity, a more supportive macro backdrop and renewed demand for exchange-traded products.

Bitcoin was trading near $84,000 when the call emerged, leaving meaningful room to Citi’s target without requiring an immediate vertical rally. Ether was near $2,700, so the bank’s projected percentage gain for ETH was smaller even though its formal target also rose sharply.

Citi’s $5 billion flow estimate is the real hinge in the argument. If advisers add crypto exposure gradually, the market gets a recurring source of demand rather than a single burst driven by traders chasing a headline.

According to SoSoValue, US Bitcoin spot ETFs saw a total net inflow of $31.07 million yesterday (September 28, Eastern Time), marking 8 consecutive trading days of net inflows. Meanwhile, Ethereum spot ETFs recorded a total net inflow of $17.10 million yesterday, marking their… pic.twitter.com/zx8DTSV4a0

— Wu Blockchain (@WuBlockchain) September 29, 2026

The recent flow picture gives Citi some evidence, but it also shows why the forecast is not automatic. ETF demand can reverse quickly, and even a positive multi-day streak can include a weak session or an outflow once investors rebalance.

Decrypt’s review of the call adds a useful reality check: Citi’s $113,000 Bitcoin target would still sit about 10% below the record near $126,200 set in October 2025. This is a recovery forecast, not a prediction that Bitcoin will immediately break into untouched territory.

The report also notes that spot Bitcoin ETFs finished the 12 months through September with a small net outflow despite their recent improvement. Six months were negative, including a $4.51 billion June outflow, while 2026 inflows had recovered to roughly $880 million.

That history explains Citi’s emphasis on steadier allocations. A durable turn would need to survive more than a favorable week and would have to keep attracting money when macro conditions or crypto prices become less comfortable.

Regulation remains part of the bank’s calculation as well. Citi said the failure of the Clarity Act in the Senate narrowed the path for a broad market-structure bill, although later SEC rule announcements softened some of the negative sentiment.

This week, more than 27,800 bitcoin:native were accumulated on the ETF side.

At an average price of $84,000, this represents approximately $2.3B.

This is the week with the largest inflows since the April 2025 low.

Demand for ETFs shows no sign of slowing, forcing entities… pic.twitter.com/KPdwVuTRVv

— Darkfost (@Darkfost_Coc) September 27, 2026

For Bitcoin holders, Citi’s revision is a sign that a major bank sees institutional demand rebuilding. It is not a guarantee that the market will follow the target on schedule.

The next test is straightforward: ETF and other product flows need to remain positive after the excitement around the upgraded forecast fades. If they do, Citi’s call will have a real demand trend behind it instead of another number for traders to debate.

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