Bitcoin Worth $670M Leaves Centralized Exchanges After Hawkish Fed Comments

Outflows do not necessarily imply passive investing and investors often tokenize coins drained from centralized exchanges on the Ethereum ( $2,238.92 ) blockchain to earn extra yield. The number of wrapped bitcoin (WBTC) has increased by 13,000 this year, extending the year-long rising trend. WBTC is the first ERC20 token backed 1:1 with bitcoin and represents the top cryptocurrency on the Ethereum ( $2,238.92 ) network.