In December 2024, the US Bitcoin ETF market saw a notable spike in demand that tripled miner production, accompanied by rising cryptocurrency prices.
Sharp Increase in Bitcoin ETF Demand
According to Apollo and BiTBO, US Bitcoin ETFs added approximately 51,500 BTC in December. Bitcoin reached an all-time high of $108,135, spurring investor interest. The demand exceeded miner production by 272%.
Bitcoin Production Volume in December
Major mining companies reported their December production figures. MARA Holdings led with 9,457 BTC, Riot increased production by 4% to 516 BTC, and Cleanspark added 668 BTC. Core Scientific mined 291 BTC, Bitfarms 211 BTC, Terawulf 158 BTC, and BitFuFu 111 BTC.
Expert Opinions and Forecasts
Demand for ETFs far exceeded current price offerings. "There's not enough supply available to satisfy demand," said Jesse Myers, co-founder of Onramp Bitcoin. Crypto researcher Vivek predicted a "supply shock" due to record low BTC exchange balances. Price pressure is expected to continue.
With growing interest in ETFs and limited supply from mining firms, the Bitcoin market is poised for continued volatility, hinting at further price increases.
