http://jaberwalk.victoryc.hop.clickbank.net/
Ad
Wrapped Bitcoin (
$0.00 ) ’s (WBTC) supply on Ethereum (
$0.00 ) shrunk by 23,384 — roughly 15% — to 153,164 in February — its lowest level since March 2021, according to Dune analytics data.
According to the asset’s order book, there were ten transactions involving WBTC — eight were burns, while the other two transactions were a cumulative mint of 798.72 WBTC by imToken.
Bankrupt crypto lender Celsius — a major WBTC whale — was responsible for a huge volume of the burns. The firm burnt 22,732 WBTC (worth $533 million) in 2 days via FalconX.
Source: Dune Analytics
The lender’s redemption is reminiscent of the burns recorded in December 2022 when the crypto market was still smarting from FTX’s collapse.
At the time, there were fears that the crypto exchange’s collapse would significantly impact WBTC’s reserves because it was a top merchant of the asset.
WBTC is an Ethereum ( $0.00 ) -based token that mirrors Bitcoin ( $0.00 ) ’s price performance and is pegged 1:1 with the flagship digital asset. WBTC gained popularity during the 2022 bull run when its supply peaked at 285,000. At the time, BTC was trading for around $48,000.
At WBTC’s current price, its market cap stands at $3.63 billion, a far cry from its peak of $13.03 billion, according to CryptoSlate’s data.
Journalist at CryptoSlate
Oluwapelumi is a believer in the transformative power Bitcoin ( $0.00 ) and the blockchain industry holds.
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
