Crypto’s Q3 Rally Hid a Massive Revenue Slump

Key Takeaways Bitcoin’s NUPL spike tracked price, not fresh capital. Ethereum fees tumbled 31% despite a 71% rally. Solana’s quarterly fee pace eclipsed its trailing year. Solana holders remain 7.4% underwater despite record throughput. The figures come from Fidelity Digital Assets’ Q4 Signals Report , published October 28 with data through September 30. Bitcoin +43% Q3 price NUPL 0.09 → 0.36 Ethereum +71% Q3 price Annual fees −31% Solana +61% Q3 price Q3 fee pace $224M a year Bitcoin’s profit recovery is mostly the rally restated Fidelity’s headline profitability metric for Bitcoin is Net Unrealized Profit/Loss (NUPL), which climbed from…