Bitcoin steadies above $84,000 as historic Q3 rally nears its end

Bitcoin has steadied above $84,000 as the second-best Q3 on record draws to a close, bolstered by enhanced spot activity and institutional demand. As of Sunday, the cryptocurrency was trading at $84,626.50, up 0.84% for the day. During the third quarter, Bitcoin has surged approximately 43.5%, climbing from around $58,500 at the beginning of July.

This makes it Bitcoin's strongest Q3 since 2017, when it gained roughly 80%. Ether has also climbed around 71% during the quarter, positioning itself for its strongest Q3 on record. Bitcoin's resilience was evident as it weathered Friday's large quarterly options expiry without significant disruption. Spot trading activity has risen, and profit-taking has remained restrained, providing support as September comes to an end.

Institutional adoption has also played a role, with Strategy Chairman Michael Saylor advocating for U.S. banks to broaden their involvement in Bitcoin. Saylor suggests banks offer Bitcoin custody and loans backed by the cryptocurrency, while urging regulators to reconsider the 1,250% risk weighting for crypto holdings under international banking standards.

However, crypto security risks remain a concern after a $387.5 million hack of Bitget, in which about $83 million of stolen XRP was moved. Despite these risks, Bitcoin withdrawals are set to resume on September 28, followed by ether withdrawals on September 29 and USDT on September 30. As only a few days remain in September, Bitcoin's quarterly performance has become the main focus over the weekend, with broader crypto prices mixed on Sunday.