More than 53,000 Wrapped Bitcoins Have Been Removed From Circulation In The Last 3 Months

In the last few years, the use of tokenized Bitcoin has increased tremendously, and earlier this year, there were almost half a million Bitcoins on the Binance Smart Chain (BSC) and Ethereum (ETH) blockchains.

Three months ago, there were 441,546 BTC tokenized on Ethereum and Binance Smart Chain worth $17.45 billion at the exchange rate on April 24, 2022. Since then, that number has decreased by 53,582 BTC; now, this number of Bitcoins is about 387,964, worth $8.81 billion.

Most of these tokens come from the Wrapped Bitcoin (WBTC) project, as the market capitalization of the ERC20 token is the 18th largest out of 13,373 crypto assets. At the time of writing, WBTC has a circulating supply of around 236,882 WBTC with a valuation of around $5.38 billion.

However, the circulating supply of WBTC has decreased significantly over the past three months, as there were 280,505 WBTC in existence as of April 23, 2022, according to Dune Analytics statistics. BTC was trading at $39,000 per coin at the time, and the WBTC market cap was valued at $10.93 billion.

WBTC was issued on Ethereum, and at the time, the Bitcoin BEP2 token (BTCB) had a circulating supply of around 105,172, and today the supply has not changed much, as there are 105,175 BTCB in circulation. Three months ago, the total supply of BTCB was worth $4.10 billion; today, it is worth $2.39 billion.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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