21shares: Bitcoin Rises 42.7% in Q3, Spot ETFs Replace Public Companies as Primary Buyers

Odaily reports that 21shares' Q3 2026 Bitcoin market report shows that Bitcoin rose 42.7% in the third quarter, with long-term holders reducing their positions by 248,000 BTC, worth approximately $17.4 billion—nearly three times the amount added by ETFs during the same period. On the miner side, miner revenue in September 2026 exceeded estimated total mining costs by 6%, ending a streak of 10 consecutive months below the break-even line. BTC transaction fees covered only 0.67% of the Bitcoin network's $2.96 billion security costs in Q3; based on September 2026 prices and network hash rate levels, after the 2028 halving, block reward revenue is projected to cover only 80% of miners' electricity costs.

On the demand side, U.S. spot Bitcoin ETFs added a net 79,800 BTC, worth approximately $6.2 billion—nearly double the 41,300 BTC of new mining supply during the same period—replacing Bitcoin treasury companies as the market's primary source of demand. By comparison, purchases by Bitcoin treasury companies fell from $7.1 billion in Q2 to approximately $1 billion in Q3.