10 Decentralized Finance Protocols Rule Over 52% of the WBTC in Circulation

Over the span of ten months, since mid-December 2022, the cryptocurrency known as wrapped bitcoin (WBTC) experienced a reduction of nearly 23,000 coins from its circulation. Today, WBTC has 79,839 distinct wallet holders. Notably, a hefty 73.76% of these tokens are concentrated within the top 100 holders.

Timeline of Wrapped-bitcoin

According to on-chain analytics firm Santiment, Wrapped Bitcoin (WBTC) has seen more large transactions than ever since March. Santiment noted in a tweet that WBTC whale transfers above $1 million are spiking to their highest rate since March.

Data reveals that since the start of the year, the count of circulating wrapped bitcoins (WBTC) has diminished, plunging by more than 22,000 WBTC. Notably, a year-long assessment reflects an even more significant contraction, with over 86,000 WBTC evaporating from circulation since last July.

Data suggests the wrapped Bitcoin (WBTC) supply on Ethereum has dropped by around 35% since the LUNA/UST collapse last year. 101,550 BTC Has Exited Wrapped Bitcoin Supply Since All-Time High According to data from the on-chain analytics firm Glassnode, about 285,000 BTC was locked into the WBTC supply at an all-time high (ATH) last year.

BitGo CEO Mike Belshe revealed that the firm declined Alameda Research's request to redeem 3,000 Wrapped Bitcoin (WBTC) a few days before its bankruptcy in a December 14 Twitter space. The post BitGo declined Alameda's attempt to redeem 3,000 WBTC appeared first on CryptoSlate.

Wrapped Bitcoin is the leading form of Bitcoin “wrapped” in a smart contract on the Ethereum network. The post Analyzing the WBTC FUD after the FTX collapse and its depeg appeared first on CryptoSlate.

The Wrapped Bitcoin DAO is migrating to a new smart contract multisig with a new set of signers responsible for governing the contracts. The post Wrapped Bitcoin DAO removes FTX, nine others in move to new multisig appeared first on The Block.