Fun

Stats Show Over 53,000 Wrapped Bitcoins Were Removed From Circulation in the Last 3 Months

News Feed - 2022-07-25 06:07:16

Stats Show Over 53,000 Wrapped Bitcoins Were Removed From Circulation in the Last 3 Months


Three months ago, there were 441,546 wrapped or synthetic bitcoins on the Ethereum and Binance Smart Chain worth $17.45 billion using exchange rates on April 24, 2022. Since then, that number has dropped by 53,582 synthetic bitcoins and today the number of wrapped or bonded bitcoins is approximately 387,964 worth $8.81 billion in value. Number of Wrapped or Synthetic Bitcoins Held on Ethereum Declines


In the last few years the use of wrapped, bonded or synthetic bitcoins has increased a great deal and earlier this year there were close to half a million synthetic bitcoins held on the Binance Smart Chain (BSC) and Ethereum (ETH) blockchains.


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. At press time, WBTC has a circulating supply of around 236,882 wrapped bitcoins with a valuation of around $5.38 billion today. Stats from Dune Analytics’ dashboard on July 24, 2022, and a snapshot of metrics recorded on April 23, 2022.


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. At the time, BTC was trading for $39K per unit and the WBTC market cap was valued at $10.93 billion. Data from coinmarketcap.com shows BTCB’s current circulating supply is 105,175 BTCB and that stat has not changed according to archive.org’s records of the BTCB stats page.


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.


While 53,582 synthetic bitcoins have been erased from aggregate of Ethereum-based tokens and most of the reduction stemmed from WBTC. Although, Dune Analytics’ metrics indicate that HBTC, and RENBTC saw declines during the last 90 days.


HBTC saw a high of 39,870 on May 15, 2022, and today, the number of HBTC in circulation is 38,970. 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. Tags in this story 3 Months, 53582 wrapped bitcoins, 90-day stats, BEP2 token, bonded bitcoins, bonded BTC, BSC, BTC tokens, BTCB, Coinmarketcap.com, Crypto, Dune Analytics, Ethereum, Ethereum (ETH), HBTC, market updates, Renbtc, Statistics, Stats, synthetic bitcoins, Synthetic BTC, Three months, WBTC, wrapped bitcoin, Wrapped Bitcoins, Wrapped BTC


What do you think about the number of wrapped or synthetic bitcoins declining during the last three months? Let us know what you think about this subject in the comments section below. Jamie Redman


Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today. Biggest Movers: DOGE Drops Towards $0.05900 Support Level Despite Elon Musk Comments MARKET UPDATES | 1 day ago BNB Was the Top Ten"s Best Market Performer in Q2, Bitcoin Takes Second Place — Solana Performed the Worst MARKET UPDATES | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons, Coinmarketcap.com, Dune Analytics, Previous articleCredit Cards Should Not Be Used for Crypto Transactions, Taiwan’s Financial Watchdog Says Next articleSEC Criticized for How It Regulates Crypto — Chair Gensler Says Most Crypto Tokens ‘Have Attributes of Securities’ Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"


The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40% Microbt Reveals Latest Bitcoin Mining Rigs — Machines Produce up to 126 TH/s With Custom 5nm Chip Design Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin

News Feed

Government of Dominica Enters Into Agreement With TRON, Set to Issue Fan Token Named Dominica Coin
Government of Dominica Enters Into Agreement With TRON, Set to Issue Fan Token Named Dominica Coin sponsored Dominica is a sovereign island nation in the Caribbean Sea, known as the
Proton Mail exposing activist's info showed the limits of encryption
Alexander Linton6 hours agoProton Mail exposing activist"s info showed the limits of encryptionAn April report revealed that Proton Mail assisted Spanish police with locating one of its users, leading to questions about
Tristan Greene13 hours agoInflows into crypto investment funds rise as Bitcoin carries 99% of the loadHowever, Ethereum saw outflows in the amount of $2 million and remains the asset with the most outflows year-to-date.2
Polygon Labs’s MATIC-POL migration confirmed for Sept. 4
Arijit Sarkar57 minutes agoPolygon Labs’s MATIC-POL migration confirmed for Sept. 4The upgrade is part of Polygon"s 2.0 roadmap to enhance its zero-knowledge-based layer 2 chains ecosystem, aiming to expand the utility
CashPay : E-Commerce Marketplace Powered by Cryptocurrency Launched
CashPay : E-Commerce Marketplace Powered by Cryptocurrency Launched PRESS RELEASE. CashPay brings ecommerce a step closer to Blockchain Technology through an ope
Crypto E-Commerce – Shopping․io Introduces $SHOP Back
Crypto E-Commerce - Shopping․io Introduces $SHOP Back press release PRESS RELEASE.Crypto E-commerce giant, Shopping.io is streamlining its operations.On September 9th 2022, Shoppi
Gate.io to wind down services for customers in Japan
Martin Young3 hours agoGate.io to wind down services for customers in JapanThe crypto exchange blamed regulatory pressures and “compliance requests” from local financial regulators as the reason it terminated its ser
Cardingo – a Curated Designer NFT Marketplace and Series for Cardano
Cardingo - a Curated Designer NFT Marketplace and Series for Cardano press release PRESS RELEASE. Sydney, Australia – Cardingo is an NFT series and Cardano NFT marketplace th
FTX Discovers $5.5B in Liquid Assets — Debtors Explore Ways to Maximize Recovery via Potential Sale of Subsidiaries, Real Estate
FTX Discovers $5.5B in Liquid Assets — Debtors Explore Ways to Maximize Recovery via Potential Sale of Subsidiaries, Real Estate On Jan. 17, 2023, FTX Trading Ltd. and affiliated
Devon Brewer: Rediscovering the Golden Rule
Devon Brewer: Rediscovering the Golden RuleThe Golden Rule may be the most basic moral approach to dealing with others. It seems universal across cultures and religions. The Golden Rule is instinctive. We all know it, ev
Financial institutions are experimenting with Bitcoin-backed lending: Ledn
Alex O’Donnell3 hours agoFinancial institutions are experimenting with Bitcoin-backed lending: LednLower interest rates and accelerating crypto adoption are spurring more financial institutions to try Bitcoin-backed le
$4,000 Solana Price Possible As SOL Breaks Out Of Massive Cup And Handle Pattern
Este artículo también está disponible en español. The Solana price could be gearing up to reach a new ATHof $4,000, according to an analyst who highlighted its recent bre