Bitcoin Posts Best Quarter Since 2023, Up 43% Despite Yields

Bitcoin Closes Strongest Quarter Since 2023

Bitcoin finished the third quarter of 2026 with a substantial 43.88% increase in value, according to CoinGlass, marking its second-best Q3 performance since 2013 and third-strongest quarterly advance since the launch of US spot Bitcoin ETFs in January 2024. This surge occurred despite a challenging macroeconomic environment with rising bond yields.

Outperformance Against Traditional Assets

Over the same period, the Nasdaq Composite gained roughly 5%, the S&P 500 around 4%, and gold saw less than a 2% increase, as reported by StatMuse. Ethereum notably outperformed Bitcoin as broader market interest in crypto revived. Bitcoin’s acceleration began after August 19, even as Treasury efforts to improve liquidity in longer-dated government debt failed to curb rising yields.

ETF Inflows Drive Demand

A key driver of Bitcoin’s performance has been the influx of capital into US spot Bitcoin ETFs. These funds reversed a net outflow of roughly $5 billion at the end of July to approximately $1 billion in inflows by late September – a $6 billion swing in two months. Last week saw the largest weekly intake since October 2025, with $2.39 billion absorbed by the ETFs.

Leverage Declines, Market Structure Improves

Aggregate Bitcoin futures open interest has decreased from over 700,000 BTC on September 21 to around 644,000 BTC, the lowest level since early January. This contraction, totaling roughly 49,000 BTC, suggests reduced speculative leverage. Bitfinex data indicates a tripling of Bitcoin held with a cost basis between $82,500 and $84,000 in three days, signifying absorption of both profitable and loss-making sales.

Key Resistance Levels Ahead

Despite the positive momentum, significant supply clusters remain. Approximately 1.39 million BTC were acquired between $84,000 and $86,500, representing potential selling pressure. Additional concentrations exist near $63,000-$65,000, $77,000-$80,000, and a prominent level around $85,000, according to Checkonchain. Options traders, however, are positioned for further gains, with a put-to-call ratio averaging 0.67 and significant call options at $140,000 expiring December 25.

Source: CryptoSlate