[21shares: Bitcoin Surges 42.7% in Q3, ETFs Replace Listed Companies as Major Buyers] According to 21shares' Q3 2026 Bitcoin market report, Bitcoin surged 42.7% in the third quarter. Long-term holders reduced their holdings by 248,000 BTC, worth approximately $17.4 billion, nearly three times the amount bought by ETFs during the same period. Regarding miners, in September 2026, miner revenue exceeded estimated total mining costs by 6%, ending a 10-month streak below the break-even point. BTC transaction fees only covered 0.67% of the $2.96 billion in Bitcoin network security costs in Q3; based on the September 2026 price and network hashrate, after the 2028 halving, block reward revenue is projected to cover only 80% of miners' electricity costs. (Odaily Planet Daily) In terms of demand structure, US spot Bitcoin ETFs saw net purchases of 79,800 BTC, worth approximately $6.2 billion, nearly double the 41,300 BTC newly mined during the same period, replacing Bitcoin reserve companies as the primary source of market demand. In contrast, Bitcoin reserve companies' purchases decreased from $7.1 billion in the second quarter to approximately $1 billion in the third quarter.