Provisional figures come from days that have closed but whose inputs, such as the quoted price or a company's latest filing, can still be revised; the linked chart always shows the current value.
Prices
ProvisionalBitcoin closed the third quarter at $83,565, up 42.8% on the quarter; Ether closed the third quarter at $2,685, up 70.8% on the quarter.
- Bitcoin quarter close
- $83,565+42.8%
- Ether quarter close
- $2,685+70.8%
Valuation
ProvisionalBitcoin ended the quarter 43.7% above its realised price of $58,155, the average cost of the coins in circulation, which itself rose from $57,680. Its MVRV Z-score went from 0.18 to 0.98. The share of its supply in profit went from 38.1% to 62.6%.
Ether ended the quarter 18.2% above its realised price of $2,272, the average cost of the coins in circulation, which itself rose from $2,248. Its MVRV Z-score went from −0.52 to 0.32. The share of its supply in profit went from 27.9% to 61.1%.
Long-term holders, coins unmoved for at least 155 days, fell by 173,355 BTC to 16.47M BTC; younger coins rose by 214,696 BTC to 3.62M BTC.
- Bitcoin MVRV Z-score
- 0.98+0.80
- Bitcoin supply in profit
- 62.6%+24.57 pts
- Bitcoin market cap
- $1.68T+43.1%
- Ether MVRV Z-score
- 0.32+0.84
- Ether supply in profit
- 61.1%+33.22 pts
- Ether market cap
- $327.8B+71.2%
- Long-term holder supply
- 16.47M BTC−173,355 BTC
Derivatives
Perpetual open interest in bitcoin on Bybit, OKX, Kraken and Bitfinex went from $5.27B to $6.29B combined. Perpetual funding summed to +0.39% over the 30 days to the quarter's end, against +0.25% at the end of the second quarter. CME open interest, in the last CFTC report dated in the quarter (29 Sep), was 103,343 BTC, against 97,311 BTC on 30 Jun.
Perpetual open interest in ether on Bybit, OKX, Kraken and Bitfinex went from $2.05B to $2.97B combined. Perpetual funding summed to +0.51% over the 30 days to the quarter's end, against +0.13% at the end of the second quarter. CME open interest, in the last CFTC report dated in the quarter (29 Sep), was 1.40M ETH, against 1.10M ETH on 30 Jun.
- Bitcoin perp open interest, 4 venues
- $6.29B+19.4%
- Ether perp open interest, 4 venues
- $2.97B+44.6%
ChartsBTCBybit Perpetual Open InterestPlusBTCOKX Perpetual Open InterestPlusBTCKraken Perpetual Open InterestPlusBTCBitfinex Perpetual Open InterestPlusBTCFutures Funding Rate (30-Day Cumulative)PlusBTCCFTC Futures Open Interest by ContractPlusETHBybit Perpetual Open InterestPlusETHOKX Perpetual Open InterestPlusETHKraken Perpetual Open InterestPlusETHBitfinex Perpetual Open InterestPlusETHFutures Funding Rate (30-Day Cumulative)PlusETHCFTC Futures Open Interest by ContractPlus
Stablecoins
Stablecoins on Ethereum fell by $10.7B to $164.7B in the third quarter. Bitcoin's market value stood at 10.20 times that supply, against 6.70: the higher the ratio, the less buying power the stablecoins hold against it.
- Stablecoins on Ethereum
- $164.7B−6.1%
US spot ETFs
The US spot bitcoin ETFs whose daily holdings files we read took in a net 71,370 BTC in the third quarter, over the 62 trading days in our data. Together they held 850,334 BTC on 30 Sep; the funds we read all quarter went from 788,342 BTC to 855,823 BTC (+8.6%).
The biggest day was 21 Sep, with +7,764 BTC; the heaviest outflow came on 1 Jul, at −4,219 BTC; by fund, IBIT took in 67,339 BTC, ARKB took in 5,526 BTC, HODL gave up 1,320 BTC and EZBC gave up 175 BTC.
The US spot ether ETFs whose daily holdings files we read took in a net 1.13M ETH in the third quarter, over the 62 trading days in our data. Together they held 4.18M ETH on 30 Sep; the funds we read all quarter went from 3.06M ETH to 4.20M ETH (+37.2%).
The biggest day was 20 Aug, with +90,721 ETH; the heaviest outflow came on 16 Sep, at −64,414 ETH; by fund, ETHA took in 983,861 ETH and ETHB took in 137,917 ETH.
- Bitcoin ETF net flow62 trading days, funds we read daily
- +71,370 BTC
- Bitcoin ETF holdings30 Sep
- 850,334 BTC
- Ether ETF net flow62 trading days, funds we read daily
- +1.13M ETH
- Ether ETF holdings30 Sep
- 4.18M ETH
Treasury companies
ProvisionalCompanies that file with the US SEC added a net 833 BTC in the third quarter, by the holdings they reported, and ended the quarter with 1.18M BTC. With the ETFs we read, funds and companies absorbed 72,203 BTC, 1.7 times what was mined.
Companies that file with the US SEC added a net 319,596 ETH in the third quarter, by the holdings they reported, and ended the quarter with 7.29M ETH.
How the buying is paid for: over the four quarters they had reported by the end of the third quarter, bitcoin treasury companies raised $28.5B, $18.7B from common stock and $9.83B from preferred stock.
- Bitcoin minedour own node
- 41,341 BTC
- Company bitcoin holdingsSEC filers, as reported
- 1.18M BTC+833 BTC
- Company ether holdingsSEC filers, as reported
- 7.29M ETH+319,596 ETH
- Raised by bitcoin treasury companieslast four reported quarters
- $28.5B
CME futures positioning
On CME bitcoin futures, in the last CFTC report dated in the third quarter (29 Sep), asset managers were net long 18,069 BTC, from net long 9,917 BTC on 30 Jun; leveraged funds were net short 35,720 BTC, from net short 27,083 BTC on 30 Jun; dealers were net long 13,500 BTC, from net long 22,559 BTC on 30 Jun.
On CME ether futures, in the last CFTC report dated in the third quarter (29 Sep), asset managers were net short 60,051 ETH, from net short 152,742 ETH on 30 Jun; leveraged funds were net short 420,197 ETH, from net short 246,338 ETH on 30 Jun; dealers were net long 495,254 ETH, from net long 406,913 ETH on 30 Jun.
The CFTC publishes these positions each Friday for the Tuesday before. Asset managers are funds that mostly hold futures alongside other assets; leveraged funds include hedge funds running basis trades, which pair short futures with long ETF or spot positions.
- CME bitcoin, asset managers net
- +18,069 BTC+8,152 BTC
- CME bitcoin, leveraged funds net
- −35,720 BTC−8,637 BTC
- CME bitcoin, dealers net
- +13,500 BTC−9,059 BTC
- CME ether, asset managers net
- −60,051 ETH+92,692 ETH
- CME ether, leveraged funds net
- −420,197 ETH−173,858 ETH
- CME ether, dealers net
- +495,254 ETH+88,341 ETH
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How this review is made
The review is written automatically after each quarter closes, from the charts CryptoKeyhole publishes. Valuation figures come from our own Bitcoin and Ethereum nodes, derivatives from the venues' public market data, and the CME figures from the CFTC's weekly reports. Where a market-wide chart does not reach back to the previous quarter, the figure names the venues it covers. No one edits the figures, and each sentence only restates them.
A quarter is a calendar quarter in UTC. A level compares the last reading of the quarter with the last reading of the quarter before; a flow is the sum of every day of the quarter. A chart whose history starts inside a quarter gives no figure for it. Each linked chart explains its source and calculation.
The sentences describe the quarter's data and make no forecasts.