Statistics The graph indicates that, over 54 days the number of WBTCs hosted by the Ethereum Network has dropped by 40,156 This This is equivalent to a redemption of over 18% from the circulating supply of WBTC since 27th of November 2022.
WBTC Maintains Position as Largest Bitcoin Custody Operation Despite Recent Redemptions
The Wrapped Bitcoin (WBTC-) project, which is officially backed by Bitgo has seen a surge in popularity since its launch in late January. As it stands, the project is the largest custodian of Bitcoin in terms of the amount of coins (BTC) it holds in custody to protect the value of the WBTC token.
As of January 20, 2023 the 19th most valuable crypto asset, WBTC, is priced at $21,278/unit. At 3:00 PM ET on Friday January 20, 2023 the market value of WBTC was approximately $3.8 billion with 180,197 WBTC being circulated on the Ethereum chain.
The project also hosts 99.89 BTC on the Tron Blockchain network. This is a significantly smaller amount than the circulating supply of WBTC on November 27, 2022 when 220,353 WBTC (16,400/BTC) were in circulation. On February 26, 2022, approximately 262,662 WBTC (39,400/BTC) was available.
This suggests that 31.39% of WBTC has been withdrawn from the general supply over the past ten months, with 18.22% of that having been redeemed over the past 54 days. That’s a total of 40.156 WBTC.
While WBTC is the largest wrap version of Bitcoin, Lido’s STETH is the largest synthetic version in terms of market capitalization of a top crypto asset. STETH works differently from WBTC, consisting of simply holding onto the BTC for the issued amount.
As of today, there are 180,197 WBTC and approximately 180,000.205 BTC supporting the WBTC supply. According to the project website and transparency dashboard, Bitgo custody is shown. The same trend is seen for other wrapped or synthetic BTC tokens as the stablecoin economy has seen billions of redemptions in the past year.
What What do you think of the WBTC project achieving 18% redemption in circulating supply within the last 54 days Share Please share your thoughts about this topic in comments below.
