According to CoinMeta, a report from 21shares shows that in the third quarter of 2026, Bitcoin rose by 42.7%. Long-term holders reduced their holdings by 248,000 BTC, worth approximately $17.4 billion. In the US spot Bitcoin market, net purchases amounted to an additional 79,800 BTC, worth about $6.2 billion, which exceeded the new mining supply of 41,300 BTC during the same period. This shift has made the US spot Bitcoin market the main source of demand, replacing Bitcoin reserve companies. The purchasing scale of Bitcoin reserve companies decreased from $7.1 billion in the second quarter to about $1 billion in the third quarter. In September, miners' income exceeded the estimated total mining costs by 6%, ending a streak of 10 months where they were below break-even.