Bitcoin Enters Strongest Quarter Since 2013 as Surge Continues

Bitcoin has entered its strongest quarter since 2013 after experiencing a 43% surge in the third quarter, according to data from Bitfinex and CoinGlass. This puts it on course for its second-best quarterly advance since US spot Bitcoin exchange-traded funds began trading in January 2024. The largest digital asset rebounded by 43.88% in Q3 after losing 22.2% in Q1 and 14.09% in Q2.

Traditional markets barely kept pace with the surge, as the Nasdaq Composite gained about 5%, the S&P 500 roughly 4%, and gold less than 2% over the same period. Ethereum was a notable exception, outperforming Bitcoin as the crypto rebound broadened beyond the market leader.

The Treasury's initiative to improve liquidity in longer-dated government debt failed to prevent yields from rising, with the 10-year Treasury yield climbing about 81 basis points and long-dated borrowing costs reaching multi-decade highs over the quarter. However, Bitcoin has risen almost 30% since the announcement.