CoinDesk
Bitcoin gained 44% in the third quarter, its strongest quarterly performance since late 2024, while gold rose 8.7% and the S&P 500 and Nasdaq added about 2%. BTC also outperformed Nvidia, which gained 11%, reversing the market leadership seen earlier this year.
Bitcoin remains 48% below its record price of $126,000 set in October last year, leaving room for bulls to argue that the rally has not yet made the asset expensive relative to its previous peak. ETH, XRP, SOL, UNI and NEAR also posted gains ranging from 40% to 150%.
Why it matters
The rally began with bargain hunting in oversold conditions and a short squeeze, but a regulatory catalyst has since strengthened the move. Tagus Capital said the U.S. SEC's Sept. 17 decision to grant a temporary five-year innovation exemption could let qualifying venues facilitate secondary trading of tokenized U.S. stocks through automated market makers and blockchain liquidity pools.
Ethereum stands to benefit disproportionately because it is the leading public blockchain for tokenized assets. That creates a link between the market rebound and a broader use case for blockchain-based financial infrastructure.
Market impact
Bitcoin recently climbed above $84,000, clearing the May high and reaching its highest level since January. A sustained move above that resistance would confirm the breakout. With limited trading activity between $84,000 and $97,000, the market has relatively little overhead friction if momentum continues.
Analysts remain cautious. FxPro's Alex Kuptsikevich described the market as already bullish but warned that sudden pullbacks remain possible and that traders should avoid rushing into coins before clearer signs of active growth emerge.
Frequently asked questions
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How did Bitcoin perform against major traditional assets in Q3?
Bitcoin gained 44% in Q3, compared with an 8.7% rise for gold and roughly 2% gains for the S&P 500 and Nasdaq. It also outperformed Nvidia's 11% gain.
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How far is Bitcoin below its previous record price?
Bitcoin remains 48% below its record price of $126,000, set in October last year.
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What triggered the initial Bitcoin rally?
The initial rise was driven by oversold conditions that attracted bargain hunters and by a short squeeze that pushed prices higher.
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Why could Ethereum benefit from the SEC's exemption?
The exemption supports qualifying venues facilitating secondary trading of tokenized U.S. stocks through blockchain liquidity pools. Ethereum could benefit because it is the leading public blockchain for tokenized assets.
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What price levels matter for Bitcoin's breakout?
Bitcoin has moved above $84,000, clearing the May high. If that breakout holds, limited recent trading activity between $84,000 and $97,000 could reduce overhead resistance, although analysts still warn of pullbacks.
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