Wrapped Bitcoin Project sees 18 % repayment of the circulation in 54 days - altcoins

statistics show that over 54 days the number of packaged bitcoins (WBTC), which are hosted in the Ethereum network, has dropped around 40,156. This corresponds to a repayment of more than 18 % of the all -round offer to WBTC since November 27, 2022.

WBTC remains the largest company in relation to the custody of Bitcoin

The Bitgo supported packaged Bitcoin (WBTC) project has been officially in operation since the end of January 2019 and has grown sharply since the start. At the time of the writing, this is the greatest operation in relation to the number of bitcoins ( bitcoin ) support.

On January 20, 2023, WBTC is the 19th largest crypto asset after market capitalization with a value of $ 21,278 per unit. The market rating of WBTC on Friday afternoon Eastern Time was around 3.8 billion US dollars. According to the website of the project and Transparency-dashboard on January 20, 2023 at 3:00 p.m. Eastern Time were around 180.197 WBTC in the Ethereum chain in Circulation.

The project also manages 99.89 WBTC, which is hosted in the tron ​​blockchain network. The stock of ERC20-based WBTC token is much less than 54 days ago, on November 27, 2022, when it was the case 220.353 WBTC (16.4 000 $ pro bitcoin ) circulated in the Ethereum-Blockchain-Network. Ten months earlier, on February 26, 2022, the number of WBTC in circulation was approximately 262.662 (39.4 000 Pro Bitcoin ).

This means that 31.39 % of the WBTC in circulation has been removed from the overall offer in the past ten months. More than half of this percentage or 18.22 % of the WBTC offer has been redeemed in the last 54 days or a total of 40,156 WBTC since November 27, 2022

While WBTC is the biggest wrapped version of Bitcoin, Lidos Staking-token Steth, a derivative of Ethereum, is the largest synthetic version of a top crypto asset in terms of market capitalization. However, Steth works differently than Bitgos Management, which is easy to keep bitcoin for the specified amount.

While today 180.197 WBTC are in circulation, there are approximately 180.205 bitcoin support in bitgos, so The dashboard of the website. The deliveries of packaged or synthetic bitcoin token have been followed by the same trend as the stable coin economy last year has experienced withdrawal.

What do you think about the WBTC project that recorded a withdrawal of 18 % of the circulating offer in the last 54 days? Share your thoughts on this topic in the comment area below.

Jamie Redman

Jamie Redman is the news manager at Bitcoin.com News and a Journalist for Financial Technology 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 6,000 articles for Bitcoin.com news about the disruptive protocols that arise today.

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