Bitcoin gained 42.7% in the third quarter of 2026, according to a market report released by 21Shares, with U.S. spot Bitcoin exchange-traded funds emerging as the dominant source of demand during the period. The report said those ETFs posted net additions of 79,800 BTC, worth about $6.2 billion, nearly double the 41,300 BTC in newly mined supply over the same stretch.
21Shares said that shift pushed Bitcoin treasury companies out of the lead demand position. Purchases by treasury firms fell sharply, dropping from $7.1 billion in the second quarter to about $1 billion in the third quarter. At the same time, long-term holders reduced their positions by 248,000 BTC, valued at roughly $17.4 billion, close to three times the amount accumulated by ETFs in the quarter.
On the mining side, the report said miner revenue in September 2026 exceeded estimated total mining costs by 6%, ending a run of 10 straight months below break-even. It also noted that 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 hashrate, block reward revenue after the 2028 halving is projected to cover only 80% of miners’ electricity costs.
Bitcoin rose 42.7% in the third quarter of 2026, according to a market report released by 21Shares.
U.S. spot Bitcoin ETFs led demand in the quarter
On the demand side, U.S. spot Bitcoin ETFs recorded net additions of 79,800 BTC in the third quarter, worth about $6.2 billion. That was nearly twice the 41,300 BTC in newly mined supply over the same period. The report said spot ETFs in the United States 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.
Long-term holders sold 248,000 BTC in Q3
At the same time, long-term holders reduced their holdings by 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 stretch of 10 consecutive months below the break-even line.
The report also said 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 hashrate, block reward revenue after the 2028 halving is expected to cover only 80% of miners’ electricity costs.
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