Softer September hiring has already repriced the Fed path, with October hike odds near 17%, and that shift is feeding into $BTC more through positioning than through any sudden change in Citi’s model. The bank’s $113,000 call sits well above the current mid-$80,000s range for $BTC , while its $ETH target of $3,028 leaves far less room, so the two assets are not being treated as a single trade. Citi’s upgrade is mainly a reversal of its July cut rather than a claim that $113,000 arrives quickly. It assumes only about $5 billion of gradual inflows over twelve months as advisers add exposure slowly, after earlier 2026 ETF outflows flipped to modest net positive by late September. That framework points to a drawn-out grind if yields stay contained, not a fast breakout, and it still leaves $BTC below its October 2025 high even if the target is met on schedule.