21Shares said in its third-quarter 2026 Bitcoin market report that BTC rose 42.7% during the quarter, while the market’s demand mix shifted in a notable way. According to the report, U.S. spot Bitcoin ETFs posted net purchases of 79,800 BTC, worth about $6.2 billion, nearly twice the 41,300 BTC added through newly mined supply over the same period. The firm said that made spot ETFs the market’s main source of demand, replacing Bitcoin treasury companies. By comparison, purchases by Bitcoin treasury firms fell from $7.1 billion in the second quarter to about $1 billion in the third quarter. The report also said long-term holders sold 248,000 BTC in Q3, valued at roughly $17.4 billion, close to three times the amount accumulated by ETFs in the same period. On the mining side, miner revenue in September 2026 moved 6% above estimated total mining costs, ending a 10-month stretch below break-even. Still, transaction fees covered only 0.67% of the Bitcoin network’s $2.96 billion security cost in the third quarter.
21Shares said in its third-quarter 2026 Bitcoin market report that BTC rose 42.7% in Q3.
The report said long-term holders sold 248,000 BTC during the quarter, worth about $17.4 billion. That was close to three times the amount accumulated by ETFs over the same period.
Miner revenue moved back above break-even
On the mining side, miner revenue in September 2026 exceeded estimated total mining costs by 6%, ending a 10-month stretch below the break-even line.
Even so, BTC transaction fees covered only 0.67% of the Bitcoin network’s $2.96 billion security cost in the third quarter. Based on September 2026 price levels and network hash rate, block reward revenue after the 2028 halving is expected to cover only 80% of miners’ electricity costs.
Spot ETFs became the main source of demand
In terms of demand structure, U.S. spot Bitcoin ETFs recorded net additions of 79,800 BTC, worth about $6.2 billion. That was nearly double the 41,300 BTC in newly mined supply over the same period, and according to 21Shares, it replaced Bitcoin treasury companies as the market’s main source of demand.
By comparison, purchases by Bitcoin treasury companies fell from $7.1 billion in the second quarter to about $1 billion in the third quarter.
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