1. Bitcoin Market and Mining Data
Price Trends and Volatility (January 6–12, 2025)
Bitcoin exhibited notable price fluctuations during this period:
- January 6: Surged 3.97% to close at $102,248.70, fueled by strong buy-side demand.
- January 7: Corrected sharply by 5.20% to $96,929.80, signaling profit-taking amid high trading volume.
- January 8–9: Extended losses, hitting a weekly low of $91,314.34 with panic selling (volume: 132.78K BTC).
- January 10–12: Stabilized near $94,410, reflecting renewed buying interest.
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Key Market Drivers:
- DXY Index Impact: Fed’s hawkish stance strengthened the USD, pressuring risk assets like Bitcoin.
- Technical Resistance: The $100K psychological barrier triggered sell-offs.
- Sentiment Shift: Optimism faded post-correction, though long-term bullish forecasts (e.g., $125K–$200K) persisted.
Hashrate and Mining Metrics
Global Hashrate Dynamics
- Peaked at 917.21 EH/s (January 10), then settled at 715.32 EH/s by January 12.
- US Public Miners now dominate 25.3% of global hashrate (Jefferies Report).
| Metric | Value | Change (vs. Nov 2024) |
|---|---|---|
| Miner Revenue | $451M (Jan 1–12) | +6.5% |
| Miner Tx Share | <5% of total volume | Down from 20% (Q1 2024) |
| Difficulty | 109.78 T (All-time high) | +1.16% |
Notable Miners:
– Marathon (MARA): Outputted 890 BTC (Hashrate: 53.2 EH/s).
– CleanSpark (CLSK): Produced 668 BTC (Hashrate: 39.1 EH/s).
Energy Efficiency and Profitability
- Cost Management: Rising energy prices had limited short-term impact; miners optimized operations.
- JPMorgan Note: December 2024 saw a second consecutive month of improved daily revenue post-halving.
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2. Policy and Regulation Updates
Trump’s Bitcoin Policy: A Skeptical View
Former China Bank VP Wang Yongli criticized Bitcoin’s viability as currency, citing:
– Fixed supply limits adaptability vs. fiat.
– “Digital gold” narrative ignores intrinsic value risks.
Oklahoma’s “Bitcoin Freedom Bill”
- Proposed SB325 allows:
- BTC salary payments (voluntary).
- Merchant BTC acceptance.
- Pending legislative review by February 3.
3. Industry Highlights
ETF Demand vs. Miner Supply
- December 2024: US ETFs bought 51,500 BTC vs. miner output of 14,000 BTC (3.7x difference).
- January 2025: ETF purchases accelerated to 20x daily mining output.
Corporate Bitcoin Strategies
- MicroStrategy: Held 443K BTC ($443B).
- CleanSpark: Entered top 5 holders with 9,952 BTC.
- AI Diversification: Riot, Hut 8 expanded into AI/high-performance computing.
4. Macro and Institutional Trends
US Dominance in BTC Holdings
- American entities now hold 65% more BTC than non-US counterparts (CryptoQuant).
- BlackRock’s IBIT: Added 5,830 BTC ($596M) on January 7.
Price Predictions
- Bernstein/KULR: $200K BTC by 2025.
- Timothy Peterson: $1.5M BTC by 2035 (Metcalfe’s Law model).
FAQs
Q: Why did miner transaction shares drop below 5%?
A: Reduced on-chain activity as miners prioritize holding or selling via OTC markets to avoid price slippage.
Q: How do US miners maintain dominance?
A: Access to capital markets, efficient hardware, and favorable energy contracts.
Q: Will ETF demand outpace mining supply indefinitely?
A: Likely, as ETF inflows (e.g., $700B projected) dwarf annual mining output (~328,500 BTC post-halving).
Q: Is Bitcoin decoupling from stocks a bullish sign?
A: Historically, low correlation with S&P 500 precedes bull runs, but macroeconomic risks remain.