Stats Display In the past three months, more than 53,000 wrapped bitcoins have been taken out of circulation.

July 25, 2022


Stats Display In the past three months, more than 53,000 wrapped bitcoins have been taken out of circulation. On the Ethereum and Binance smart chains, there were 441,546 closed or synthetic bitcoins with a value of $17.45 billion three months ago, based on exchange prices from April 24, 2022. The number of closed or closed bitcoins now is roughly 387,964, with a value of $8.81 billion, having fallen by 53,582 synthetic bitcoins since then. In recent years, the usage of limited, pegged, or synthetic bitcoins has increased dramatically. At the start of this year, there were around 500,000 synthetic bitcoins on the Ethereum (ETH) and Binance (BSC) blockchains.

With ERC20’s market capitalization being the 18th largest among 13,373 crypto assets, most of these tokens come from the Bitcoin blockchain (WBTC) project. At the time of publication, WBTC has a circulating cap of approximately 236,882 Bitcoins, which is worth approximately $5.38 billion. However, statistics from Dune Analytics show that the number of WBTCs in circulation has decreased significantly over the past three months, reaching 280,505 WBTC as of April 23, 2022. At the time, Bitcoin was worth $39,000 per unit, and WBTC had a market cap of $10.93 billion.WBTC was released on Ethereum and at the time the BSC BEP2 token known as BTCB had a circulation of around 105,172, today the circulation is 105,175 BTCB so the supply has not changed much.

Three months ago, the Bitcoin reserve was worth $4.10 billion, and today it is $2.39 billion.53,582 synthetic bitcoins were removed from all Ethereum-based tokens, with the majority of the reduction coming from WBTC. However, Dune Analytics shows that HBTC and RENBTC have declined over the past 90 days. On May 15, 2022, the number of HBTCs reached 39,870, and today the number of HBTCs in circulation is 38,970. Currently, the total number of synthetic or limited bitcoins in both BSC and ETH is 1.847% of the supply limit of 21 million bitcoins. The amount of synthetic or limited bitcoins in Ethereum alone is 1.344%, which means that the current supply of BTCB is 0.503% of the limited supply of BTC.

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