2 years ago
Wrapped Bitcoin’s (WBTC) proviso connected Ethereum shrunk by 23,384 — astir 15% — to 153,164 successful February — its lowest level since March 2021, according to Dune analytics data.
According to the asset’s bid book, determination were 10 transactions involving WBTC — 8 were burns, portion the different 2 transactions were a cumulative mint of 798.72 WBTC by imToken.
Bankrupt crypto lender Celsius — a large WBTC whale — was liable for a immense measurement of the burns. The steadfast burnt 22,732 WBTC (worth $533 million) successful 2 days via FalconX.
Source: Dune AnalyticsThe lender’s redemption is reminiscent of the burns recorded successful December 2022 erstwhile the crypto marketplace was inactive smarting from FTX’s collapse.
At the time, determination were fears that the crypto exchange’s illness would importantly interaction WBTC’s reserves due to the fact that it was a apical merchant of the asset.
WBTC is an Ethereum-based token that mirrors Bitcoin’s terms show and is pegged 1:1 with the flagship integer asset. WBTC gained popularity during the 2022 bull tally erstwhile its proviso peaked astatine 285,000. At the time, BTC was trading for astir $48,000.
At WBTC’s existent price, its marketplace headdress stands astatine $3.63 billion, a acold outcry from its highest of $13.03 billion, according to CryptoSlate’s data.
The station WBTC proviso declined 15% successful February appeared archetypal connected CryptoSlate.
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