Spot Bitcoin exchange-traded funds in the United States scooped up almost three times the nearly 14,000 coins produced by miners in December 2024.
December was a huge month for spot Bitcoin ETFs in the US, which accumulated about 51,500 BTC, according to data averaged from Apollo and BiTBO.
Momentum was driven by spot markets, with Bitcoin (BTC) 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 about 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.
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Meanwhile, Jan. 3 was another huge day for Bitcoin ETF inflows, with over $900 million in Bitcoin acquired, 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. MARA Holdings, the largest mining firm by market capitalization, reported a production figure of 9,457 BTC in December.
Riot mined 516 BTC in December, a 4% increase over the previous month, and Cleanspark produced 668 coins, 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.
Terawulf earned 158 self-mined Bitcoin in December, and cloud mining provider BitFuFu reported producing 111 coins.
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