State of Bitcoin & Ethereum: Q3 2026
Bitcoin rose 42.7% and Ethereum 70.8% in the third quarter of 2026. For Ethereum it was the strongest third quarter on record, for Bitcoin the strongest since 2017. The backdrop could hardly have been less supportive: an unresolved conflict in the Persian Gulf, a 10-year Treasury yield of 5.29% and the first Federal Reserve rate hike since July 2023.
The new edition of State of Bitcoin & Ethereum by Leonardo Larieira and Jannick Broering of Teroxx Research looks at what carried the rally, who was buying and which conditions will decide the fourth quarter.
Executive Summary: Liquidity, Not Headlines, Drove Q3
In our Q2 report we described a quarter of consolidation: Bitcoin closed near $60,000 and Ethereum near $1,564 after a leverage flush and $4.89 billion in spot ETF outflows. The third quarter reversed that picture. Bitcoin moved from $58,562 at the start of July to $83,621 at the end of September and touched an eight-month high near $87,400 in the second half of the month. Ethereum closed the quarter near $2,670. All three months closed positive for Bitcoin, ending a run of three consecutive losing quarters.
