Bitcoin experienced a moderate 2.5% gain in the third quarter of 2024, as reported by NYDIG, indicating an improvement from the previous quarter’s decline. Despite this growth, Bitcoin’s price remained relatively stable within a range of $70,000 to $54,000 over the past six months. The resilience of Bitcoin in the challenging market environment was noted in the report, attracting attention from the crypto community who acknowledged its status as the best-performing asset class in 2024, as highlighted by NYDIG and Uphold’s head of research, Martin Hiesboeck.

NYDIG’s analysis pointed out key factors influencing Bitcoin’s performance in Q3, such as the resolution of major bankruptcy cases like Mt. Gox and significant sales of Bitcoin by governments. The report also highlighted the positive impact of U.S. spot Bitcoin ETF inflows, particularly the success of BlackRock’s iShares Bitcoin Trust, while Ethereum-based ETFs experienced outflows due to various challenges. Additionally, corporate adoption of Bitcoin continued to grow, with companies like MicroStrategy and Marathon Digital increasing their Bitcoin holdings during the quarter. Concerns and expectations regarding potential regulatory changes in the U.S. could further impact Bitcoin’s trajectory, with future options trading for Bitcoin ETFs and ongoing inflows into Bitcoin ETFs anticipated to influence demand and adoption.