21shares: Bitcoin Rises 42.7% in Q3, Spot ETF Becomes Major Buyer

21shares' Bitcoin market report for Q3 2026 indicates that Bitcoin rose by 42.7% in the third quarter. Long-term holders sold 248,000 BTC, valued at approximately $17.4 billion, nearly three times the amount added by ETFs during the same period. In September 2026, miners' revenue exceeded estimated total mining costs by 6%, ending a previous streak of 10 consecutive months below the breakeven line. BTC transaction fees only covered 0.67% of the Bitcoin network's $2.96 billion security costs for the third quarter; it is expected that after the halving in 2028, block reward income will only cover 80% of miners' electricity costs. On the demand side, U.S. spot Bitcoin ETFs net added 79,800 BTC, valued at about $6.2 billion, nearly double the new mining supply of 41,300 BTC during the same period, replacing Bitcoin reserve companies as the main source of market demand. The purchase scale of Bitcoin reserve companies dropped from $7.1 billion in Q2 to about $1 billion in Q3.

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