Bitcoin had its strongest third quarter since 2017, rising 43% after two down quarters in the first half of the year. US spot bitcoin ETFs took in $6.34 billion in net inflows over the period, and the Crypto Fear & Greed Index moved into greed on August 20 and stayed there through most of September. Investment in crypto companies did not move with it.

That is the central finding of Tiger Research’s Q3 2026 Crypto Industry Investment Report, which analysed 193 funding rounds recorded by RootData during the quarter. “The capital that returned with rising prices went into crypto assets directly,” the report says, “while corporate investment, which ties up capital for years, did not move with short-term sentiment.” Venture and…