Don't want to trade it yourself?
Our desk runs DEX portfolios on profit share.
Bitcoin entered an early recovery phase after bottoming in the third quarter, and the overall outlook for the fourth quarter is positive, according to a report on the fourth-quarter 2026 crypto market published jointly by on-chain analytics firm Glassnode and Coinbase Institutional.
The report said Bitcoin showed signs of recovery in the third quarter despite the U.S. Federal Reserve resuming tightening and long-term Treasury yields rising. It added that short-term risk factors still warrant caution. Bitcoin’s net unrealized profit/loss, or NUPL, rebounded into the optimism-anxiety zone during the third quarter, but still remains well below the belief-denial stage, which signals strong market conviction. The report also said long-term holders maintained their positions. The supply of Bitcoin that has not moved for more than one year continued to rise even as prices rebounded, while trading activity in recently moved Bitcoin picked up again, signaling that new investors may be returning to the market. Based on those trends, the report maintained a positive market view while urging caution over near-term risks.