Citigroup Raises Bitcoin Target to $113,000 Amid Resumed ETF Inflows

Citigroup has updated its 12-month Bitcoin target to $113,000 following resumed ETF inflows. This increase comes as stablecoin spending is now freed with the Senate tax bill, while Bitcoin remains on IRS forms.

The news follows a string of developments in the crypto market, including Bitget's restoration of a $300 million fund after absorbing a $388 million security breach and a 40% liquidity rule. Meanwhile, Tether's USDT is set to move back to its original home on Bitcoin this month, over a decade after its debut there.

Rising perpetual funding rates are also signaling growing bullish leverage as Bitcoin crosses the $86,500 mark. However, experts caution that bond yield spikes could still impact the market, potentially pushing prices down.