Outside Source
Spot Bitcoin ETFs in the United States hoovered up a whopping 51,500 BTC in December while only a fraction of that was produced.
News
Spot Bitcoin exchange-traded funds in the United States alone scooped up almost three times the nearly 14,000 coins produced by miners during the month.
December 2024 was a huge month for spot Bitcoin ETFs in the US, which accumulated a total of around 51,500 BTC, according to data averaged from Apollo and BiTBO.
Momentum was driven by spot markets, with the asset reaching an all-time high of $108,135 on Dec. 17, according to CoinGecko.
Meanwhile, only 13,850 coins were added to the circulating supply in the month, according to Blockchain.com — meaning Bitcoin demand from ETFs alone was approximately 272% more than the amount supplied.
Cumulative BTC inflows for US spot ETFs. Source: Apollo
“There’s not enough supply available at current prices to satisfy demand,” and supply-demand price equilibrium must be restored, said Onramp Bitcoin co-founder Jesse Myers when market momentum started accelerating following Donald Trump’s presidential election victory in November.
On Jan. 6, crypto researcher ‘Vivek’ said a “supply shock was incoming” after observing BTC exchange balances falling to new lows.
Related: Bitcoin ETFs approach $110B as analyst calls $200K BTC in 2025
Meanwhile, Jan. 3 was another huge day for Bitcoin ETF inflows, with over $900 million in Bitcoin scooped up, while Jan. 6 is on track to be even bigger with almost $1 billion in inflows, according to preliminary data.
Major Bitcoin miner production
Most of the major Bitcoin mining companies have released their production figures for December. Marathon Digital, the largest mining firm by market capitalization, reported a production figure of 9,457 BTC in December.
Meanwhile, Riot mined 516 BTC in December, a 4% increase over the previous month, and Cleanspark produced 668 coins for the month, according to its production report on Jan. 6.
Core Scientific produced 291 Bitcoin in December from its owned fleet of miners, while Bitfarms reported that it mined 211 BTC for the month.
Terawulf earned 158 self-mined Bitcoin in December, and cloud mining provider BitFuFu reported producing 111 coins over the period.
Magazine: Ether may ‘struggle’ in 2025, SOL ETF odds rise, and more: Hodler’s Digest
This article first appeared at Cointelegraph.com News
