Pro
State of Bitcoin Q4 2024
Key Insights
- BTC ended 2024 at $93,400, up 48% QoQ and 121% YoY. The rally was fueled by post-election market sentiment, increased institutional adoption, and aggressive BTC acquisitions by Strategy.
- Bitcoin ETFs also played a major role, with AUM surging 80% QoQ to $108.43 billion. BlackRock's IBIT became the most successful ETF launch in history, ending its first year with over $50 billion in AUM.
- Bitcoin’s mining industry thrived, with hashrate hitting a record 890 EH/s. Miner revenue surged 41% QoQ to $40.1 million, as BTC’s price growth offset the impact of halving. Mining difficulty increased by 15% QoQ, further reinforcing network security.
- Bitcoin layers and DeFi saw substantial growth. Bridged BTC rose 39% YoY to 326,600 BTC, while Bitcoin DeFi TVL increased 693% QoQ to $6.51 billion, ranking Bitcoin as the fourth-largest chain by TVL. Babylon led this expansion, capturing 82% of Bitcoin DeFi TVL.
- NFT activity rebounded, with trading volume up 116% QoQ to $4.7 million. Magic Eden maintained dominance, but OKX’s NFT marketplace rapidly gained market share, increasing volume by 281% QoQ.
Primer
Let us know what you loved about the report, what may be missing, or share any other feedback by filling out this short form. All responses are subject to our Privacy Policy and Terms of Service.
AJC is a Research Manager at Messari for the Enterprise team. His primary focuses are on Bitcoin and Consumer. Prior to joining Messari, AJC wrote an independent crypto blog.
Mentioned Assets