A 21shares report shows that Bitcoin rose 42.7% in the third quarter of 2026, with long-term holders reducing their holdings by 248,000 BTC, worth approximately $17.4 billion. US spot Bitcoin ETFs saw net purchases of 79,800 BTC, worth approximately $6.2 billion, exceeding the 41,300 BTC new mining supply during the same period and replacing Bitcoin Reserve Corporations as the primary source of demand. Bitcoin Reserve Corporation purchases decreased from $7.1 billion in the second quarter to approximately $1 billion in the third quarter. In September, miner revenue exceeded estimated total mining costs by 6%, ending a 10-month streak of operating below the break-even point.
