21Shares Highlights Bitcoin ETF Inflows Replacing Corporate Treasury Purchases

TL;DR 21Shares ETF Leadership: Bitcoin ETFs added 79,800 BTC worth $6.2 billion in Q3, surpassing newly mined supply and becoming the market’s main source of demand. Treasury Slowdown: Corporate treasury purchases dropped sharply from $7.1 billion in Q2 to about $1 billion in Q3, with Strategy adding only 1,700 BTC. Market Signals: Long-term holders sold into the rally, futures dominated trading activity, and several on-chain metrics weakened despite Bitcoin’s strong quarterly performance. Bitcoin ‘s strong third quarter rally was driven primarily by ETF demand rather than corporate treasury accumulation , according to new 21Shares research. The report showed a significant shift in buying behavior during Q3 202 6, with U.S. ETFs emerging as the dominant source of demand despite concentrated inflow periods and continued profit-taking from long-term holders.

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