Blockchains like Ethereum have dropped significantly in numbers. The number of wrapped Bitcoins (WBTC) issued on the Ethereum blockchain in January last year was around 266,880 WBTC, but since then that number has fallen by more than 15% to 225,962 WBTC. Similarly, the amount of tokenized Bitcoin issued on Binance Smart Chain (BSC) has also decreased significantly over the past 11 months.
Tokenized Bitcoin supply has dropped significantly over the past 11 months
Two largest tokenized Bitcoins at time of writing (BTC) The project is . Wrapped Bitcoin (WBTC) and his BSC-issued Bitcoin BEP2, also known asBTCB, although the number of tokenized Bitcoins originating from both projects is , has decreased significantly since January.
For example, the number of his BTCBs in circulation on January 6, 2022 was approximately 105,121 BTCB, according to archivedcoinmarketcap.com statistics. Additionally,BTC was trading at $42,738 per unit that day. This means that BTCB has a market cap of around $4.49 billion.
Since then, the price ofBTChas trembled and is a long way away from the $42,000 zone. According to coinmarketcap.com data recorded on November 25th, the number of BTCBs in circulation fell by 49.1% to 53,444 BTCBs. About $882 million. In the last 24 hours, BTCB has seen a global trading volume of $3.25 million across a number of decentralized exchange (dex) platforms. The dex applications with the most active BTCB trading include Pancakeswap V2, Biswap, Dodo, and Apeswap.
Wrapped Bitcoin Supply Drops 8.72% in 30 Days
Largest Tokenized Bitcoin Project WBTC Has Much More Than BTCB in Circulation I own a token. According to data on November 25, 2022, the number of WBTC in circulation was approximately 225,962 WBTC, and on January 14, 2022, it was 266,880 WBTC.
So, 40,918 tokens were removed from circulation during 2022, reducing the supply of WBTC by more than 15%. Additionally, over the past 30 days, Dune Analytics data published by 21shares Research shows that the supply of WBTC has decreased by 8.72%.
Of course, WBTC was worth much more on January 14, with a market valuation of around $11.35 billion. Removing more than 40,000 WBTC from the supply, combined with the drop in the price of BTCto $16,000, made the overall market cap of WBTC on November 25 much higher than it was at the beginning of the year. to less.
Today, WBTC has a nominal market valuation of approximately US$3.66 billion, with trading volume of US$346.9 million in the last 24 hours . The most active exchanges trading WBTC include Binance, Okx, Digifinex, and Hitbtc.
Tokenized bitcoin supply will follow the same path as stablecoin supply this year, shrinking significantly in 2022. The data suggests that traders are exchanging tokenized stablecoins for real US dollars during the crypto winter. In tokenized Bitcoin projects such as BTCB and WBTC, users who exchange these tokens are trying to get their actual Bitcoin back.
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