In the United States, Bitcoin exchange-traded funds amassed nearly triple the number of coins (around 14,000) that were mined during the month, individually.
2024 marked a significant milestone for Bitcoin Spot ETFs in the United States, as they collectively amassed approximately 51,500 Bitcoins, based on averaged data from Apollo and BiTBO.
The momentum behind this asset peaked due to its performance in live market trades. On December 17th, as reported by CoinGecko, the asset attained a record high value of $108,135.
During that particular month, Blockchain.com reports showed that just 13,850 new coins entered circulation. This suggests that the demand for Bitcoin through ETFs was roughly 2.72 times higher than the amount produced.
In simpler terms, Jesse Myers, co-founder of Onramp Bitcoin, stated that the current prices aren’t high enough to meet the demand due to a shortage in supply. He emphasized the need to restore the balance between supply and demand in the market, which started gaining momentum after Donald Trump’s presidential election victory in November.
On January 6th, the crypto researcher ‘Vivek’ stated that a “dramatic decrease in supply” was imminent, as he noticed Bitcoin exchange reserves reaching unprecedented low levels.
On January 3, there was a significant increase in Bitcoin ETF investments, totaling over $900 million. It appears that January 6 could surpass this with nearly $1 billion in inflows, based on early data.
Major Bitcoin miner production
In December, many leading Bitcoin mining corporations have made public their output statistics. Specifically, Marathon Digital, which holds the top position among these companies in terms of market value, announced it mined approximately 9,457 Bitcoins during that month.
In December, Riot earned 516 BTC, which was a 4% rise compared to the preceding month, while Cleanspark generated 668 coins during that same period, as per their January 6th production report.
In December, Core Scientific generated 291 Bitcoins through its own mining operation, whereas Bitfarms declared that they mined approximately 211 Bitcoins during the same period.
As a crypto investor, I’m thrilled to share that in the month of December, my personal mining operation, Terawulf, successfully mined 158 Bitcoin. On top of that, cloud mining service BitFuFu reported generating 111 coins during the same period. What an exciting time for digital currencies!
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2025-01-07 07:20