US Bitcoin ETFs Drive Massive Demand, Surpassing Mining Supply

Spot Bitcoin exchange-traded funds (ETFs) in the United States accumulated nearly three times the 14,000 coins produced by miners in December 2024. According to data averaged from Apollo and BiTBO, US spot Bitcoin ETFs added approximately 51,500 BTC in December. The demand was fueled by strong spot market momentum, with Bitcoin reaching an all-time high of $108,135 on Dec. 17, as reported by CoinGecko. By comparison, only 13,850 new Bitcoin were added to the circulating supply during the same period, according to Blockchain.com. This means Bitcoin demand from ETFs was 272% higher than the amount miners produced. “There’s not enough supply available at current prices to satisfy demand,” said Jesse Myers, co-founder of Onramp Bitcoin, noting that supply-demand price equilibrium would need to be restored as market momentum surged after Donald Trump’s election victory in November. On Jan. 6, crypto researcher Vivek predicted a “supply shock” as BTC exchange balances fell to record lows. Major Inflows into Bitcoin ETFs Bitcoin ETFs continued to attract massive investments. On Jan. 3, over $900 million worth of Bitcoin was acquired by ETFs. Preliminary data indicated Jan. 6 was poised to exceed this, with inflows nearing $1 billion. Bitcoin Mining Production in December Major mining firms reported their December production figures, showcasing varied output levels. MARA Holdings, the largest miner by market capitalization, produced 9,457 BTC, leading the industry. Riot mined 516 BTC, a 4% increase from the previous month, while Cleanspark reported 668 coins. Core Scientific’s owned fleet generated 291 BTC, Bitfarms mined 211 BTC, Terawulf produced 158 BTC, and cloud mining provider BitFuFu contributed 111 coins. With ETF demand surging and mining supply limited, the market dynamics suggest continued upward pressure on Bitcoin prices.