{"id":16692,"date":"2023-01-20T22:43:48","date_gmt":"2023-01-20T22:43:48","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/wrapped-bitcoin-project-sees-18-redemption-of-circulating-supply-in-54-days-altcoins-bitcoin-news\/"},"modified":"2023-01-20T22:43:48","modified_gmt":"2023-01-20T22:43:48","slug":"wrapped-bitcoin-project-sees-18-redemption-of-circulating-supply-in-54-days-altcoins-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/wrapped-bitcoin-project-sees-18-redemption-of-circulating-supply-in-54-days-altcoins-bitcoin-news\/","title":{"rendered":"Wrapped Bitcoin Project Sees 18% Redemption of Circulating Supply in 54 Days \u2013 Altcoins Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Statistics show over the course of 54 days, the number of wrapped bitcoin (WBTC) hosted on the Ethereum network has decreased by 40,156. This equates to a more than 18% redemption of the circulating supply of WBTC since Nov. 27, 2022.<\/strong><\/p>\n

WBTC Remains Largest Operation in Terms of Bitcoin Custody Despite Recent Redemptions<\/h2>\n

The Bitgo-backed Wrapped Bitcoin (WBTC)<\/a> project has been officially in operation since the end of January 2019 and has grown significantly since its launch. At the time of writing, it is the largest operation in terms of the number of bitcoin (BTC<\/a>) custodied to back the WBTC token value.<\/p>\n

On January 20, 2023, WBTC is the 19th largest crypto asset by market capitalization, valued at $21,278 per unit. WBTC\u2019s market valuation on Friday afternoon Eastern Time was around $3.8 billion. According to the project\u2019s website and transparency dashboard<\/a>, at 3:00 p.m. Eastern Time on Jan. 20, 2023, there were approximately 180,197 WBTC in circulation on the Ethereum chain.<\/p>\n

\"Wrapped
Wrapped Bitcoin\u2019s transparency dashboard on Friday at 3:00 p.m. Eastern Time on Jan. 20, 2023.<\/figcaption><\/figure>\n

The project also manages 99.89 WBTC which is hosted on the Tron blockchain network. The stash of ERC20-based WBTC tokens is substantially less than it was 54 days ago on Nov. 27, 2022, when 220,353 WBTC<\/a> ($16.4K per BTC<\/a>) was circulating on the Ethereum blockchain network. Ten months prior, on Feb. 26, 2022, the number of WBTC in circulation was approximately 262,662<\/a> ($39.4K per BTC<\/a>).<\/p>\n

That means over the last ten months, 31.39% of the WBTC in circulation was removed from the overall supply. More than half of that percentage, or 18.22%, of the WBTC supply was redeemed over the last 54 days, or 40,156 WBTC total, since Nov. 27, 2022.<\/p>\n

While WBTC is the largest wrapped version of bitcoin, Lido\u2019s staking token STETH, a derivative of Ethereum, is the largest synthetic version of a top crypto asset in terms of market capitalization. STETH, however, does operate differently than Bitgo\u2019s management of simply holding the BTC<\/a> for the given amount issued.<\/p>\n

While there\u2019s 180,197 WBTC in circulation today, there\u2019s approximately 180,205 BTC<\/a> backing the WBTC supply in Bitgo\u2019s custody, according to the website\u2019s dashboard. The supplies of wrapped or synthetic BTC<\/a> tokens have followed the same trend as stablecoins, as the stablecoin economy has seen billions in redemptions over the last year.<\/p>\n

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Asset-backed<\/a>, asset-backed BTC token<\/a>, Bitcoin<\/a>, Bitgo-backed<\/a>, circulating supply<\/a>, collateralized<\/a>, collateralized BTC<\/a>, Crypto asset<\/a>, Crypto-collateralized<\/a>, custody<\/a>, derivative<\/a>, Eastern Time<\/a>, ERC20-based<\/a>, Ethereum<\/a>, Ethereum chain<\/a>, Jan. 2019<\/a>, Largest operation<\/a>, Market Capitalization<\/a>, redemption<\/a>, STETH<\/a>, Synthetic Bitcoin<\/a>, Synthetic BTC<\/a>, Token value<\/a>, tokenization<\/a>, tokenized<\/a>, Transparency dashboard<\/a>, Tron blockchain network<\/a>, WBTC<\/a>, Wrapped<\/a>, wrapped bitcoin<\/a>, Wrapped Bitcoin Token<\/a>, Wrapped BTC<\/a>, Wrapped BTC Token<\/a>, Wrapper<\/a><\/div>\n<\/div>\n

What do you think about the WBTC project seeing an 18% redemption of the circulating supply over the last 54 days? Share your thoughts about this subject in the comments section below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie 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 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: 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<\/a> 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.<\/p>\n<\/div>\n

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