The Ethereum and Binance Smart Chain had 441,546 bitcoins wrapped or synthetic. They were worth $17.45B using exchange rates as of April 24, 2022. This number has decreased by 53.582 synthetic Bitcoins. Today, there are 387.964 wrapped or bonded digital bitcoins worth approximately $8.81 Billion.
Number of wrapped or synthetic Bitcoins held on Ethereum Declines
The use of synthetic, wrapped or bonded bitcoins has increased tremendously over the past few years. In fact, earlier in the year close to 500.000 synthetic bitcoins were held on both the Binance Smart chain (BSC), and Ethereum (ETH).
A great majority of these types of tokens stem from the Wrapped Bitcoin (WBTC) project as the ERC20’s market cap is the 18th largest among 13,373 crypto assets. WBTC currently has around 236882 wrapped Bitcoins and a value of $5.38B.
However, WBTC’s circulating supply has decreased a great deal over the last three months as there was 280,505 WBTC in existence on April 23, 2022, according to Dune Analytics’ statistics. BTC trading at $39K per Unit and WBTC’s market cap valued at $10.93 Billion.
WBTC is issued on Ethereum and at the time, the BSC BEP2 token otherwise known as BTCB had a circulating supply of around 105,172, and today the supply hasn’t changed much as there’s 105,175 BTCB in circulation. Three months ago the stash of BTCB was worth $4.10 billion and today it’s worth $2.39 billion.
The majority of Ethereum-based tokens that have lost 53,582 synthetic Bitcoins are now gone. However, WBTC is responsible for the bulk of the decline. Although, Dune Analytics’ metrics indicate that HBTC, and RENBTC saw declines during the last 90 days.
HBTC hit a peak of 39.870 38.970 May 15, 2022. Today, there are 38.970 HBTC. Currently, the aggregate number of synthetic or wrapped bitcoins on both BSC and ETH represents around 1.847% of BTC’s 21 million supply cap. The number of synthetic or wrapped bitcoins on Ethereum alone equates to 1.344%, which means the current supply of BTCB in existence represents 0.503% of BTC’s capped supply.
Do you agree with the decrease in synthetic or wrapped bitcoins during the last three month? Comment below and let us know how you feel about the subject.
Images Credits: Shutterstock. Pixabay. Wiki commons. Coinmarketcap.com. Dune Analytics.
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