Bitcoin Nears First July–September Winning Streak Since 2012

Key Takeaways

• Bitcoin is on course for its first July-to-September winning streak since 2012.
• After falling 9.7% in October 2012, Bitcoin rose more than 2,000% from that month’s low to April 2013.
• U.S. spot Bitcoin ETFs have returned to net inflows after two sessions of outflows.

Bitcoin (BTC) is approaching its first July-September winning streak since 2012 after recording gains in July, August, and September, CoinDesk reported. However, the milestone remains unconfirmed with September still underway.

Bitcoin gained 4.8% in July and 25.2% in August, according to CoinDesk data. At the report’s September 23 snapshot, BTC traded at $85,792, up 10.9% for the month.

(Source: CoinDesk)

What Happened After the 2012 Streak?

According to the historical figures cited by CoinDesk, Bitcoin gained 41% in July 2012, 6.4% in August, and 24.4% in September before falling 9.7% in October.

The digital asset subsequently climbed from an October 26, 2012, low of $10.17 to $230 by April 2013, a gain exceeding 2,000%, CoinDesk reported. However, one historical example cannot reliably forecast October or the months beyond.

Still, the setup is noteworthy due to its rarity, the massive rally after 2012, and Bitcoin’s four-year market cycle.

Today, Bitcoin has a trillion-dollar market cap backed by heavy institutional participation, deep spot and derivatives liquidity, and sophisticated trading strategies like options, futures, and basis trades.

As these markets did not exist at comparable scale in 2012, a rally of similar percentage magnitude might be difficult to achieve today.

“Bitcoin now belongs to a global asset class with institutional ownership. Spot ETFs have created a regulated channel for investment. Derivatives markets have changed how risk is transferred. The rally of more than 2,000% that followed the 2012 sequence cannot become a reasonable expectation for 2026,” said Vikram Subburaj, CEO of India-based Giottus exchange. “The case in 2026 depends on whether large pools of capital continue allocating after the easiest gains have been made.”

ETF Inflows Accompany Bitcoin’s Recovery

U.S. spot Bitcoin exchange-traded funds (ETFs) have returned to net inflows alongside Bitcoin’s recent gains.

Farside Investors data shows net inflows of $159.5 million on September 17, following outflows of $450.4 million on September 15 and $295.9 million on September 16.

Inflows rose to $433 million on September 18 and $999 million on September 21, marking the strongest daily inflows since October 6, 2025.

On September 22, net inflows reached $714.7 million, driven by $350.3 million into BlackRock’s IBIT, according to Farside Investors data.

The figures show renewed net inflows into U.S. spot Bitcoin ETFs, although they do not establish how much those flows contributed to Bitcoin’s gains.

A Much Larger Bitcoin Market

CoinMarketCap’s data on September 23 put Bitcoin’s market capitalization near $1.72 trillion and reported 24-hour trading volume at about $37.27 billion.  

Such scale provides context for comparisons with Bitcoin’s early trading history.

The July-September streak will remain provisional until the month closes.

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