Wrapped Bitcoin ‘Burns’ Increase as Traders Rotate Capital Out of Cooling DeFi
WBTC burns picked up in November, continuing into December.
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BitGo “unwrapped” over 11,600 WBTC last month.
Wrapped tokens have become increasingly popular because they allow traders and investors to utilize their crypto-assets on different blockchain networks. For instance, Wrapped Bitcoin, which now accounts for roughly 1% of all Bitcoin in circulation, may be used on the Ethereum (ETH) blockchain to engage in various types of decentralized finance (DeFi) transactions. However, it […]
The recent DeFi frenzy has seen $900 million worth of Bitcoin tokenized using Wrapped Bitcoin over the past two months. The recent DeFi bull-cycle has pushed the total value locked (TVL) of popular Bitcoin (BTC) tokenization protocol Wrapped BTC (WBTC) up by 900% to surpass $1 billion.The milestone comes four weeks after the TVL of all Bitcoin tokenized on Ethereum (ETH) surpassed $1 billion for the first time . The current TVL of tokenized Bitcoin is nearly $1.5 billion, of which WBTC currently represents one-third.Wrapped Bitcoin is now the fifth-largest DeFi protocol in terms of TVL,....
Ethereum-based traders turn their noses up at Huobi’s latest wrapped assets, including BSV and LTC Following the success of HBTC -- the wrapped Bitcoin tradable on Ethereum currently securing nearly $70 million in BTC -- Huobi Global has released the latest in its “H-token” series: Litecoin and Bitcoin SV. However, traders and developers thus far don’t seem interested.First announced in September, the H-token series promised to bring a wide range of assets to Ethereum. Huobi CIO and head of Huobi DeFi Labs, Sharlyn Wu, said in a press release that the offerings would be aimed at empowering....
Some traders anticipate the leading cryptocurrency to significantly outperforming the entire crypto market for at least the next several months.