Stats Show Over 53000 Wrapped Bitcoins Were Removed From Circulation in the Last 3 Months Market Updates Bitcoin News – Bitcoin News

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.

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 ERC20s 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.

However, WBTCs 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.

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 hasnt changed much as theres 105,175 BTCB in circulation. Three months ago the stash of BTCB was worth $4.10 billion and today its 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 BTCs 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 BTCs capped supply.

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 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.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Coinmarketcap.com, Dune Analytics,

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 more from the original source:
Stats Show Over 53000 Wrapped Bitcoins Were Removed From Circulation in the Last 3 Months Market Updates Bitcoin News - Bitcoin News