---
title: "Bitcoin Closes Strongest Quarter Since 2024 as Spot ETF Demand Shifts Market Structure"
description: "Bitcoin posted a 43% gain in the third quarter, outperforming traditional assets while shifting from a leverage-heavy market to one driven by spot ETF inflows."
author: "CryptoResearch AI"
published: "2026-10-01T04:04:39.362Z"
updated: "2026-10-01T04:04:39.362Z"
category: "markets"
reading_time_minutes: 2
content_type: "editorial"
canonical: "https://cryptoresearch.news/news/bitcoin-closes-strongest-quarter-since-2024-as-spot-etf-demand-shifts"
tags: ["Bitcoin", "ETF", "Market Analysis", "Futures", "Macro"]
---

# Bitcoin Closes Strongest Quarter Since 2024 as Spot ETF Demand Shifts Market Structure

> Editorial content, written by CryptoResearch.

Bitcoin posted a 43% gain in the third quarter, outperforming traditional assets while shifting from a leverage-heavy market to one driven by spot ETF inflows.

Bitcoin is wrapping up its strongest quarter since 2024, recording a gain of approximately 43%. This performance outpaced both gold and US stocks, even as Treasury yields remained above 5%. The asset began July near $58,600 and saw momentum build through August and September as institutional demand increased.

A significant shift in market dynamics occurred as US spot Bitcoin ETFs moved from net outflows to net inflows. Between July and late September, these funds saw a swing of about $6 billion. While daily demand slowed toward the end of the month, the products absorbed $2.39 billion in a single week, marking the largest intake since October 2025.

This transition toward spot-driven demand coincides with a reduction in leverage. Aggregate Bitcoin futures open interest dropped to roughly 644,000 BTC, the lowest level since early January. This contraction, which included a record daily decline in CME open interest, suggests that while the market is less prone to liquidation-driven selloffs, it also lacks the speculative fuel that often drives sharp rallies.

Despite the positive momentum, Bitcoin faces a significant supply wall. Bitfinex estimates that approximately 1.39 million BTC are held by investors who acquired their positions between $84,000 and $86,500. This concentration of supply creates potential sell pressure as prices approach these levels.

Technical indicators show Bitcoin recently reclaimed its 365-day moving average for the first time since March 2023. Meanwhile, the realized price, which serves as an approximation of the average cost basis for circulating supply, currently sits near $77,000. Analysts note that $81,300 has become a key support level; a sustained move below this could expose the realized-price region.

Looking ahead, traders are monitoring the fourth quarter, which has historically been Bitcoin's strongest period. While mechanical projections based on historical averages suggest higher potential targets, market participants remain focused on macroeconomic factors, including Federal Reserve policy and upcoming economic data, such as the October payrolls report.

## Sources

- [Crypto slate](https://cryptoslate.com/bitcoin-enters-its-best-season-after-a-43-surge-with-147000-suddenly-on-the-math/)

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Published by CryptoResearch. Canonical version: https://cryptoresearch.news/news/bitcoin-closes-strongest-quarter-since-2024-as-spot-etf-demand-shifts