Bitcoin Market and Mining Data (Jan 6–12, 2025)
Price Performance and Key Trends
Bitcoin exhibited notable volatility last week, peaking at $102,248.7** on Jan 6 before correcting to **$91,314.34 (weekly low). Key drivers included:
- DXY Index Strength: Fed's hawkish stance boosted USD, pressuring BTC.
- Technical Resistance: Profit-taking intensified near $100K psychological barrier.
- Market Sentiment Shift: Initial optimism turned to panic selling (Jan 7–9) before stabilizing at $94,410.
Hashrate Dynamics
Network hashrate fluctuated between 636.93 EH/s (Jan 9 low) and 917.21 EH/s (Jan 10 high), settling at 715 EH/s by Jan 12. US-listed miners now dominate 25.3% of global hashrate, with top performers:
- MARA: 53.2 EH/s | 890 BTC mined
- CleanSpark: 39.1 EH/s | 668 BTC mined
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Miner Economics
- Revenue: $451M (Jan 1–12) despite <5% transaction share (historic low).
- ETF Impact: US spot BTC ETFs absorbed 51,500 BTC in Dec—3.7x miners' output.
- Energy Costs: Difficulty hit 109.78T (all-time high), with marginal 0.02% downward adjustment expected.
Policy and Regulatory Developments
- US Strategy: Trump’s proposed BTC policies face skepticism from economists like Wang Yongli (ex-BoC VP), who warns of "strategic reserve risks."
- Oklahoma SB325 Bill: Allows state employees to opt for BTC salary payments (voluntary basis).
Industry Highlights
- AI Diversification: MARA, Riot Platforms, and Hut 8 expanded into AI/high-performance computing.
Corporate BTC Holdings: Global enterprises boosted reserves by 63% YoY (590,649 BTC total). Notable additions:
- MicroStrategy: Continuous buys; portfolio now worth $443B.
- CleanSpark: 9,952 BTC ($10.1B) vaults it into top 5 corporate holders.
Macro BTC Forecasts
- Price Targets: Bernstein/KULR predict $200K BTC** by 2025; Timothy Peterson forecasts **$1.5M by 2035 (Metcalfe’s Law model).
- Institutional Adoption: US entities hold 65% more BTC than non-US counterparts.
FAQ Section
Q: Why did miner transaction shares drop below 5%?
A: Reduced on-chain activity from miners amid high ETF inflows and profit-taking.
Q: How are US miners maintaining dominance?
A: Via scalable operations (e.g., MARA’s 53.2 EH/s) and AI revenue diversification.
Q: What’s driving BTC’s $200K price predictions?
A: ETF demand, institutional adoption, and historical halving cycles.