Bitcoin ETFs Attracted Large Investments in December
Spot Bitcoin exchange-traded funds (ETFs) in the United States acquired nearly three times the amount of Bitcoin produced by miners in December 2024.
According to data averaged from Apollo and BiTBO, U.S. spot Bitcoin ETFs accumulated approximately 51,500 BTC in December.
This far exceeded the 13,850 coins added to the circulating supply during the month, as reported by Blockchain.com, with ETF demand outpacing supply by 272%.
Momentum in the market was driven by spot trading activity, with Bitcoin hitting an all-time high of $108,135 on Dec. 17, according to CoinGecko.
“There’s not enough supply available at current prices to satisfy demand,” explained Jesse Myers, co-founder of Onramp Bitcoin, noting the supply-demand imbalance that accelerated following Donald Trump’s presidential election victory in November.
On Jan. 6, crypto researcher Vivek highlighted an impending "supply shock," pointing out that BTC exchange balances had fallen to new lows.
ETF inflows have continued into January, with Jan. 3 seeing over $900 million in Bitcoin purchased. Preliminary data suggests Jan. 6 may surpass this, with nearly $1 billion in inflows expected.
Major Bitcoin mining companies have also reported their December production figures. MARA Holdings, the largest mining firm by market capitalization, led with 9,457 BTC produced.
Riot reported mining 516 BTC, a 4% increase from the previous month, while Cleanspark produced 668 coins, as detailed in its Jan. 6 production report.
Other miners reported more modest outputs: Core Scientific produced 291 BTC from its owned fleet, Bitfarms mined 211 BTC, Terawulf earned 158 self-mined Bitcoin, and cloud mining provider BitFuFu produced 111 BTC in December.
Sources:
https://cointelegraph.com/news/bitcoin-etfs-scooped-up-270-more-bitcoin-than-produced-december
https://heyapollo.com/bitcoin-tracker/flows
https://treasuries.bitbo.io/etf-flows/
https://heyapollo.com/bitcoin-tracker/flows
https://x.com/Vivek4real_/status/1876299923987267864
https://www.riotplatforms.com/riot-announces-december-2024-production-and-operations-updates/
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