Spot Bitcoin ETFs Accumulated 51K BTC in December

US spot Bitcoin exchange-traded funds purchased almost three times the amount of coins produced by miners in 2024.

This massive increase, amounting to about 51,500 BTC, was driven by demand in the spot markets and resulted in Bitcoin reaching an all-time high of $108,135 on December 17th, as reported by CoinGecko.

This surge in demand was in stark contrast to the addition of only 13,850 coins to the supply that month, according to Blockchain.com, indicating a 272% increase in demand from ETFs alone.

Co-founder of Onramp Bitcoin, Jesse Myers, commented that there is not enough supply available at current prices to meet the demand and a return to supply-demand price equilibrium is necessary.

This trend was noticed by crypto researcher Vivek on January 6th, who observed a “supply shock” as BTC exchange balances reached new lows.