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
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