Bitcoin ETFs bought more than treasury companies in the third quarter, 21shares says

ETF purchases exceeded newly mined supply

In an analysis published on November 2, 2026, 21shares describes a shift in the composition of bitcoin demand during the third quarter. According to its calculations, drawing on sources including Glassnode and Bloomberg, U.S. spot ETFs added 79,800 BTC, worth $6.2 billion. Mining production during the period is estimated at 41,300 BTC, valued at $2.9 billion. These data run through September 30, 2026: they describe neither today's flows nor purchases already made in November.

A spot ETF provides bitcoin exposure through fund shares traded on an exchange. Flows into these products differ from purchases by companies holding bitcoin directly on their balance sheets. The report estimates that these companies bought approximately one billion dollars during the third quarter, compared with $7.1 billion in the previous quarter. The shift therefore concerns the categories of buyers observed; it does not mean all companies stopped buying or that every fund attracted capital.

Concentrated demand alongside long-term holders

ETF purchases were not spread evenly throughout the period. According to the report, 91% of quarterly inflows measured in bitcoin were concentrated between August 17 and August 27, and between September 21 and September 25. A positive quarterly total can therefore coexist with less favorable weeks. This concentration prevents mechanically extending the average pace into subsequent months. Timetables and units of measurement matter as much as the total amount when comparing flows.

The document also says balances attributed to long-term holders fell by 248,000 BTC during the quarter. This category refers here to wallets whose coins have not moved for more than 155 days. It is an onchain data classification, rather than an exhaustive register of identified individuals. The decline in balances should be distinguished from ETF purchases alone: these measures cannot trace every transaction or systematically identify the counterparty to every sale.

Market volumes differ from network payments

The analysis estimates that futures accounted for 88.2% of the quarter's trading volumes. That weight highlights the distinction between derivatives market activity and spot bitcoin purchases. Transaction volume measures cumulative trading; it does not automatically correspond to an equivalent inflow of new capital into the network. The same assets or positions can feature in multiple transactions, preventing gross volume from being equated with sustained net demand.

The report also records a 19.3% decline in public Lightning network capacity, to 3,767 BTC. It specifies that this indicator measures bitcoin visible in public channels, rather than payments or private channels. The document thus provides several perspectives on a past quarter, each with a different scope. Published by a crypto investment product issuer, it must remain attributed to its author: historical observations guarantee neither continued ETF flows nor any future movement in bitcoin's price.