21shares: Bitcoin rose 42.7% in Q3, with spot ETFs replacing listed companies as the main buyers

The Bitcoin Market Report for the third quarter of 2026 published by 21shares shows that Bitcoin rose by 42.7% in the third quarter.

In terms of demand structure, the net increase in U.S. spot Bitcoin ETF holdings was 79,800 BTC, valued at approximately $6.2 billion, nearly double the newly mined supply of 41,300 BTC during the same period, replacing Bitcoin Reserve Company as the main source of market demand.

In contrast, the purchase scale of Bitcoin Reserve Company dropped from $7.1 billion in the second quarter to about $1 billion in the third quarter.

Meanwhile, long-term holders reduced their holdings by 248,000 BTC in the third quarter, valued at approximately $17.4 billion, nearly three times the net increase in ETFs during the same period.

On the miner side, in September 2026, miner revenue exceeded estimated total mining costs by 6%, ending a previous state of being below the breakeven line for 10 consecutive months. BTC transaction fees only covered 0.67% of the Bitcoin network's security costs of $2.96 billion in the third quarter; based on the price and network hash rate in September 2026, after the halving in 2028, block reward income is expected to cover only 80% of miners' electricity costs.