Crypto has suddenly found three winds at its back at the same time: the old debasement trade, a friendlier regulatory backdrop in Washington, and the return of ETF money.

That combination is enough for Citi to lift its 12-month Bitcoin target from $82,000 to $113,000 and Ether from $2,240 to $3,028, with Alex Saunders and the team pointing to improving activity, a more supportive macro backdrop and renewed fund flows as the main engines behind the upgrade

• Citi is raising the stakes on crypto. Bitcoin’s 12-month base case moves to $113K, with Ether lifted to $3,028, as macro, activity and flows all turn more supportive.

• The breakout is not being pinned on one catalyst. Debasement fears helped, but Citi thinks regulatory developments in…