Citigroup raised its year-end outlook for ether and slightly trimmed its view on bitcoin, citing shifting investor flows and macroeconomic crosscurrents. Investors are increasingly favouring the yield-generating ether over bitcoin, the world's largest cryptocurrency, which relies solely on price appreciation. Citi sees continued upside next year, with a 12-month target of $5,440 for ether and $181,000 for bitcoin. Citi's base case assumes robust year-end flows of $7.5 billion into bitcoin, with a bull case predicated on stronger equity markets and higher demand. For ether, the upside is driven by increased adoption and potential yield generation via staking and decentralised finance platforms.