Bitcoin is closing its strongest quarter since 2024 after leaving US stocks and gold far behind despite surging bond yields.

The largest digital asset has gained about 43% in the third quarter, putting it on course for its second-best third-quarter since 2013 and its third-strongest quarterly advance since US spot Bitcoin exchange-traded funds began trading in January 2024, according to Bitfinex and CoinGlass .

Bitcoin entered July near $58,600 after three consecutive quarterly declines, then accelerated through August and September as institutional demand returned and sellers who had spent much of 2026 underwater were absorbed at progressively higher prices.

Traditional markets barely kept pace. Over roughly the same three-month period through Sept. 29, the Nasdaq Composite gained about 5%, the S&P 500 roughly 4% and gold less than 2%, according to StatMuse data .

Meanwhile, Ethereum was the notable exception, outperforming Bitcoin as the crypto rebound broadened beyond the market leader.

Bitcoin's outperformance accelerated after Aug. 19 , even as a Treasury initiative to improve liquidity in longer-dated government debt failed to prevent yields from rising.

The department said it would at least double the maximum size of liquidity-support buybacks for longer maturities to $4 billion per operation, with the increased purchases beginning Sept. 9.

Bitcoin has risen almost 30% since the announcement. However, the 10-year Treasury yield climbed about 81 basis points and long-dated borrowing costs reached multi-decade highs over the quarter, raising the hurdle for assets that produce no yield.