Citi Sets $113K Bitcoin Price Target, Expects $5 Billion in Crypto ETF Inflows

Citi Raises Crypto Targets as Its Inflow Assumption Turns Positive

Citi’s higher 12-month cryptocurrency price forecasts point to potential gains for investors. Citigroup (NYSE: C), a global bank, raised its projections following a recovery in demand. Its Sept. 30 research note also raised its bitcoin target to $113,000 from $82,000, according to Reuters’ Oct. 1 reporting. The bank increased its forecast for ether to $3,028 from $2,240.

Citi analyst Alex Saunders attributed the higher forecasts to stronger cryptocurrency activity, supportive economic conditions, and returning exchange-traded fund inflows. He also cited rulemaking by the Securities and Exchange Commission (SEC). Saunders said:

“The increase draws from all three components of our process: activity, macro, and ETF flows.”

“Debasement fears alongside SEC agency rulemaking, spurred paradoxically by the failed Clarity Act, helped crypto reclaim technical levels,” he added. “ETF inflows resumed as prices broke above 200-day moving averages.” These averages measure closing prices over that period.

Those price target revisions represent increases of $31,000, or approximately 37.8%, for bitcoin and $788, or about 35.2%, for ether. Separately, the assets’ market prices gained nearly 40% and 68%, respectively, over three months. Despite that recovery, bitcoin remained down approximately 3% for the year and ether about 9%.

The analyst outlined Citi’s central inflow forecast, replacing an assumption of no net buying:

“We now assume $5 billion base-case inflows over 12 months, up from flat, given positive sentiment.”

September ETF Buying Supports Citi’s Higher Targets

The demand recovery gained momentum during the week ending Sept. 25, when U.S. bitcoin funds attracted $2.39 billion in net inflows. That was their strongest week since October 2025. Ether products received $689.88 million over the same period, extending the buying beyond bitcoin and providing a broader backdrop for Citi’s revisions.

The pace slowed considerably at the start of the following week, even as bitcoin funds continued attracting capital. They added $31.07 million in continued ETF inflows on Sept. 28, extending their positive run to eight sessions. Blackrock’s Ishares Bitcoin Trust ETF received $54.84 million, while withdrawals elsewhere reduced the aggregate gain. Ether funds brought in approximately $17.1 million that day.

Continued subscriptions then carried bitcoin ETFs into a ninth positive session, with $66.19 million entering on Sept. 29. Blackrock’s product led with $51.09 million, followed by $33.24 million for the ARK 21Shares Bitcoin ETF. Ether products moved in the opposite direction, recording a $2.81 million withdrawal that ended their seven-session inflow streak.

The latest completed trading session nevertheless interrupted the sequence of positive bitcoin fund flows seen in September’s recovery. Farside Investors’ data shows $148.7 million in net withdrawals on Sept. 30, ending the nine-session winning streak. Fidelity’s Wise Origin Bitcoin Fund accounted for $125.6 million of the outflow, while the Bitwise Bitcoin ETF lost $13.6 million and Blackrock’s product shed $9.5 million.

SEC Rules and Treasury Buybacks Shape Citi’s Outlook

The investment products underlying Citi’s inflow forecast give advisers a way to increase exposure through brokerage accounts. Shares represent exposure through a financial product, while direct bitcoin ownership involves holding the asset transferred over the decentralized Bitcoin network. The bank anticipates a slower but steadier pace of new allocations.

The regulatory backdrop also influenced Citi’s assessment after the Senate failed to advance the Clarity Act, a proposed digital asset market structure bill. The bank judged subsequent SEC rule announcements to have eased negative sentiment. It also attributed renewed crypto momentum to Treasury purchases of longer-dated bonds, while warning that a change in administration in 2028 could reverse agency rules, outside its forecast horizon.