Bitcoin gained 42.7% during the third quarter, marking its strongest quarterly performance since a 68.7% surge in the first quarter of 2024. Ether climbed 70.8%, its best quarterly showing since rising 160.7% in the first quarter of 2021.
Both digital assets opened the fourth quarter largely unchanged, with Bitcoin trading just below $84,000 and Ether holding steady above $2,700.
Interest rate movements have emerged as a key macroeconomic driver, as the U.S. 10-year Treasury yield reached a fresh 24-year high of 5.362% overnight before retreating slightly to 5.282%. Market participants appear to be adjusting positions ahead of the upcoming U.S. Nonfarm Payrolls Report for September, which is expected to influence short-term rate expectations.
Economists project that the U.S. economy added approximately 90,000 jobs in September, while the unemployment rate likely remained steady at 4.1%.