What happened in Q3
Bitcoin ran a strong third quarter, marking its second-best Q3 on record. Ethereum posted its strongest Q3 ever. Those gains improved market sentiment heading into the fourth quarter.
Why Q4 is the real test
Historical precedent weakens the case that Q3 strength guarantees Q4 gains. Bitcoin ended Q4 down in both 2024 and 2025. Ethereum had a red Q4 in 2024 and only a marginally positive Q4 in 2025. In short: a strong Q3 does not automatically translate into a green Q4.
The liquidity signal to watch: USDT supply change
A liquidity indicator gaining attention is Tether (USDT) supply change over rolling windows. RugaResearch reported that USDT's 60-day supply change closed September at +$505 million, the first positive reading in more than three months. On a monthly basis, supply rose roughly $450 million.
That recovery matters because stablecoin supply growth is a common source of fresh buying power into crypto markets. However, the improvement here is small relative to the earlier drain: the 60-day reading bottomed at -$5.7 billion in mid-July, and the 30-day average reached -$5.4 billion at the end of July.
A crucial caveat: most gains weren't new minting
Market moved before stablecoin recovery
The zero line as Q4's signal
Analysts are watching the zero mark on USDT rolling-change metrics. If USDT minting resumes and 30- and 60-day averages move and stay above zero, that would supply explicit liquidity support for higher prices. If these averages remain negative or only marginally positive, price moves may be more vulnerable to reversals or to macro shocks.
What traders and observers should track now
- 60-day and 30-day USDT supply change readings and whether new minting contributes meaningfully.
- Bitcoin price behavior around current technical levels, since recent gains occurred without stablecoin support.
- Monthly USDT net change figures to see if the monthly rise continues beyond the recent $450 million.
Bottom line
Q3 produced impressive returns for Bitcoin and Ethereum, but Q4 faces a tougher test. The most useful immediate indicator is stablecoin liquidity: real, sustained USDT minting that moves rolling averages past zero would make a stronger case for continued upside. Absent that, the market's recent gains will be more dependent on price momentum and external macro developments.