- Coinbase’s Q4 report shows Bitcoin’s long-term holders remained strong in Q3.
- Ethereum ETFs outpaced Bitcoin in Q3, attracting $9.4 billion in net inflows.
- Key Q4 trends include the growth of DATs, a $30B RWA market, and booming prediction markets.
As Q4 begins, investors are asking the big question: where does crypto go from here? A new Coinbase market report offers a clear snapshot of how Bitcoin and Ethereum performed in Q3 and what their data tells us about the road ahead.
Bitcoin: Calm Confidence in a Volatile World
Bitcoin’s on-chain data from Q3 shows a market that’s more mature than ever. Coins untouched for over a year dropped just 2%, while short-term active coins rose 12%. That means long-term holders stayed firm even as prices surged and headlines screamed new highs. Their patience has made each dip harder to sustain without a real catalyst.
Related: Trump Predicts $20 Trillion Economic Surge: Could Easing Policy Fuel Big Bitcoin Rally?
Bitcoin’s price still trades comfortably above the market’s average cost basis, but not in overheated territory. In plain terms, there’s room for continuation, though not at bubble levels. Futures open interest climbed to about $53 billion, and options hit $44 billion, both seeing strong quarterly growth. Yet trading volume fell 15%, showing less noise and more strategic positioning.
Interestingly, this cycle has started to differ from past bull runs. Bitcoin tracked the 2015 to 2018 pattern almost exactly for nearly two years before breaking away. That divergence doesn’t spell danger—it means a new market era where liquidity, not hype, drives momentum.
Ethereum Leads Q3 with $9.4B in ETF Inflows
Ethereum had its own breakthrough moment. For the first time, ETH ETFs saw larger inflows than Bitcoin ETFs in Q3, pulling in $9.4 billion. That surge reveals growing retail and institutional appetite for the network.
At the same time, long-term ETH holders took some profit. Liquid supply rose 18%, and illiquid holdings dropped 8%. Futures and options activity exploded, with futures open interest up 115% and options up 132%.
On-chain, Ethereum continued to shine. Layer 2 transactions hit record highs while user fees dropped to a two-year low, attracting more users and developers. Staking also grew steadily, tightening supply and encouraging more holding behavior.
Top Crypto Trends to Watch in Q4
Three major trends are shaping crypto this quarter.
- First, Digital Asset Treasuries (DATs), companies and funds holding crypto, now own about 3.5% of all Bitcoin, 3.2% of Ethereum, and 2% of Solana, showing steady institutional demand.
- Second, Real-World Assets (RWAs) like tokenized U.S. Treasury bills and private credit have grown to a $30 billion market, bringing traditional finance on-chain.
- Third, Prediction Markets such as Polymarket are booming, showing stronger user activity and mainstream interest.
The Takeaway
Coinbase’s Q4 outlook strikes a balanced tone: steady, data-driven optimism. Bitcoin shows strength in structure; Ethereum shows strength in adoption.
The next few months could define how both assets evolve in this new, more mature phase of crypto markets.
Related: Benjamin Cowen Predicts Bitcoin’s Next Major Peak in Late 2025, Followed by 2026 Downturn
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
