Bitcoin rose 4.8% in July and 25.2% in August, and September is holding a double-digit gain with price near $85,600, putting it on course for a July-to-September winning streak that has happened only once before. The prior instance was 2012, when prices rose 41.0%, 6.4% and 24.4% across those months. October broke that streak with a 9.7% decline before the move that followed. Giottus CEO Vikram Subburaj cautions against reading the 2012 sequence as a template, noting that market structure has changed, with spot ETFs creating a regulated channel and derivatives markets changing how risk transfers, so the question is whether large pools of capital keep allocating rather than whether a small buyer pool can move price.