Two concentrated buying periods, from Aug. 17 to 27 and Sept. 21 to 25, accounted for 91% of Bitcoin ETF inflows in the third quarter, according to 21Shares. The asset manager also reported that long-term-holder balances fell by a net 248,000 BTC over Q3. Such balance changes can reflect coins moving from long-term-held addresses, but 21Shares said the metric does not measure executed sales.