2026.10.15 Tiger Research Report: Bitcoin Posts Best Q3 Since 2017, Yet Money Isn't Flowing Back to Startups Despite bitcoin's best third-quarter performance since 2017, venture capital and M&A funds are fully withdrawing from experimental startup projects, accelerating their concentration into mature infrastructure and tracks with profit certainty. 2026.10.15

🦊 Nova's Take Bitcoin's strongest Q3 since 2017 shows price strength decoupling from venture activity, with VC and M&A capital abandoning experimental startups for mature infrastructure and proven-revenue tracks. This signals a maturing market where capital rewards cash flow over narrative. 📊 Market Impact Short-term, BTC's solid Q3 supports a constructive Q4 bias as institutional conviction holds, but the startup funding drought could thin altcoin innovation and long-tail token liquidity. Mid-term, expect capital to keep rotating into blue-chip infrastructure and majors rather than speculative micro-caps. 💡 Trading Advice Favor BTC and established infrastructure tokens over experimental altcoins, and size positions to reflect thinner liquidity in small caps. This is analysis, not financial advice — always manage risk and use stops. 🚀 Recommended Exchanges: OKX | Binance | Bybit | Bitget | Gate.io