Wrapped Bitcoin ‘Burns’ Increase as Traders Rotate Capital Out of Cooling DeFi

Wrapped Bitcoin ‘Burns’ Increase as Traders Rotate Capital Out of Cooling DeFi

WBTC burns picked up in November, continuing into December.


Related News

Wrapped Bitcoin ‘Burns’ Outpaced Minting for the First Time in December

BitGo “unwrapped” over 11,600 WBTC last month.

This Cross-Chain DEX Could Make Wrapped Tokens a Thing of the Past

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 […]

Wrapped Bitcoin tops $1B after 900% increase in two months

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,....

Traders apathetic as Huobi launches two new wrapped assets on Ethereum

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....

Traders Rotate to Bitcoin Expecting a Quiet Q4 for Altcoins

Some traders anticipate the leading cryptocurrency to significantly outperforming the entire crypto market for at least the next several months.