Bitcoin Surges 11% in Q3, Sustainability of Rebound Uncertain

Bitcoin rose nearly 11% in Q3, marking its strongest third quarter since 2021. This rebound comes after a difficult first half of the year, during which Bitcoin dropped about 50% below its October 2025 peak of $126,209.

The July rally drove most of this quarterly gain, primarily fueled by spot and derivatives market activity rather than institutional ETF inflows. However, this raises questions about the durability of the rebound.

Bitcoin's price is near miners' production costs, which may limit further downside but also caps upside without new catalysts.