Data indicates that the number of bitcoins sent to the Avalanche blockchain rose significantly on March 2, with more than 2,000 bitcoin being transferred that day. As of Friday, March 3, a total of 8,504 Bitcoin worth $190.9million had been shifted to the Avalanche network.
Rise in Bitcoin Transfers to Avalanche Network
About a month ago, Bitcoin.com News reported that bitcoin (BTC) transfers to Avalanche had outpaced those of the Lightning Network. On Thursday, a large number of Bitcoin was sent to Avalanche (AVAX) in the form of Avalanche-bridged Bitcoin, also known as BTCb.
Analysis from Dune Analytics shows that the AVAX chain was connected to more than 2,000 BTC or around $44.7 million in bitcoin. Since January 24/23/2023: the number of BTCb has grown by 62%, from 5,248 BTCb to 8,504 BTCb.
The BTCb supply is now higher than the public bitcoin supply in Lightning Network channels, which currently stands at 5,421.50 BTC. In the past 38 days, the BTCb supply has increased by 38%.
So far, the Avalanche blockchain has seen 367,392 Bitcoin transfers. 4,420 unique addresses hold the bridged Bitcoin. Significant amounts of BTCb can be found on decentralized finance protocols such as Benqi GMX. Onchain data from March 3 reveals that 1,317 BTCb has been stored in the GMX Vault.
Although BTCb has overtaken capacities held on Lightning Network, Blockstream’s Liquid, and RSK’s sidechain, its supply still has some catching up to do to reach that of WBTC and the Binance Smart Chain-issued BTCB token BEP20. At the time of writing, 53,023 BTCB and 153,164 WBTC are in circulation.
Cryptocurrency observers were surprised to see a sudden rise in Bitcoin (BTC) transfers on the Avalanche network on Thursday, with over $44 million worth of BTC moved. On-chain data reveals that the number of public channels and unique addresses used on the network surged, with the total assets transferred hitting an all-time high.
The Avalanche network is a decentralized protocol that allows users to execute transactions and create virtual currencies. It has grown significantly in recent years, with its developers claiming that it can handle up to 10,000 transactions per second and confirm transactions quickly.
On Thursday, the network was used to move a large amount of BTC, with a total of 8,610 BTC — worth around $44 million — transferred. This is the highest amount of BTC ever transferred on the network, and is a significant increase compared to the $15 million worth of BTC that was moved on the network a week ago.
In addition to the total amount of BTC transferred, the number of public channels and unique addresses used on the network also surged. According to Onchain Data, the number of public channels used on the Avalanche network rose to over 6,000, while the number of unique addresses also increased to over 4,000.
The significant number of transactions could be attributed to the increasing popularity of the Liquid sidechain and the RSK Supply protocol. The Liquid sidechain is a bitcoin-based settlement network that allows users to transfer funds between exchanges and wallets quickly. The RSK Supply protocol, on the other hand, is an investment platform that enables users to trade, invest and store funds.
The surge in transactions on the Avalanche network could be a sign of increasing interest in crypto and blockchain technology. With more people using the blockchain for their transactions, the amount of BTC transferred on the network could continue to increase in the coming days.
