Citi increased its 12-month cryptocurrency forecasts in a research update reported on October 1, lifting its bitcoin target to $113,000 from $82,000. The bank also raised its ether forecast to $3,028 from $2,240. The revisions place both assets higher in Citi’s outlook and reflect a reassessment of market activity, the economic backdrop and investment flows through exchange-traded cryptocurrency products over the coming year.

The bank identified stronger crypto activity and a return of ETF inflows among the reasons for the changes. Its analysts also described macroeconomic conditions as more supportive. Together, these inputs show that the update is based on several parts of the market rather than one company announcement or a single trading session. The new targets represent Citi’s projected prices over a 12-month horizon, separate from either asset’s spot quotation.

ETF flows matter because listed funds create a route between conventional investment accounts and cryptocurrency exposure. When investors add money to physically backed products, fund operations can translate that demand into holdings of the underlying asset. Redemptions can move the relationship in the opposite direction. Monitoring those flows alongside blockchain activity gives analysts different views of demand: one through investment products and another through the use of the networks themselves.

The change also highlights the different economics of bitcoin and ether. Bitcoin’s investment case is closely associated with scarcity and demand for a digital monetary asset, while Ethereum supports applications, transactions and staking. Citi’s revised forecasts bring those assets into the same research framework without treating them as interchangeable. Subsequent fund flows, activity levels and macroeconomic data will show whether the conditions behind the higher targets persist through the forecast period.