Bitcoin gained approximately 40-43% in Q3 2026, rising from around $58,500-$62,900 in early July to above $87,000, marking its strongest third quarter in over a decade. Bitwise argues this move breaks the traditional relationship between rising prices and falling implied volatility, framing it as a regime change rather than a typical rally. Spot Bitcoin ETFs saw substantial inflows, with $2.4 billion in a single week by late September. A survey of 15 institutional allocators found that none reduced their crypto exposure during a 50% drawdown from late 2025 to mid-2026, suggesting a sturdier demand base than in previous cycles. The BVIV index hit cycle lows around 36.8 during the period.
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