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Nearly $100 Million in Bitcoin Moved to Ethereum in July, Led by Retail Traders

nearly-$100-million-in-bitcoin-moved-to-ethereum-in-july,-led-by-retail-traders

Monthly tokenized bitcoin supply growth since January 2020

Ethereum is still the most popular off-chain destination for bitcoins as its supply of tokenized bitcoin (BTC) grew more than 70% in July.

  • More than 20,000 BTC — worth roughly $225 million — are now tokenized and used in Ethereum-based protocols.
  • Wrapped Bitcoin (WBTC) represents over 76% of the total tokenized bitcoin supply with over 15,500 BTC tokenized.
  • The total supply grew by roughly $96 million in July, following June’s record growth.
  • Tokenized bitcoins allow traders and investors to denominate transactions in bitcoin while using applications built on other blockchains.
  • “We experienced a dramatic WBTC growth in July, led by our retail users,” said Matthieu Jobbé-Duval, head of financial products at CoinList, a token launch and exchange platform that minted 7,079 WBTC in July.
  • renBTC, the second largest supply of tokenized bitcoin, holds approximately 2,068 BTC.
  • Tokenizing bitcoins on Ethereum is “the biggest opportunity for decentralized finance’s growth today,” said Andy Bromberg, president of CoinList in an email to CoinDesk.
mempool-july-2
Monthly tokenized bitcoin supply growth since January 2020
Source: Dune Analytics, OnChainFX, CoinDesk Research

Disclosure

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

https://www.coindesk.com/nearly-100-million-in-bitcoin-moved-to-ethereum-in-july-led-by-retail-traders

Written by btcethereumadmin

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