More than 150,000 BTC are tokenized in the Ethereum blockchain

More than 150,000 BTC are tokenized in the Ethereum blockchain

In the Ethereum blockchain, 150,049 BTC are blocked to secure tokens, the dollar value of which exceeds $2 billion.

According to Dune Analytics, bitcoins worth more than $2 billion are tokenized in Ethereum — 150,049 BTC or 0.7 % of all bitcoins in circulation. The dollar value of the blocked BTC is equivalent to 4.32% of the total capitalization of Ethereum. In the first half of October, Ethereum was tokenized
131,455 BTC, and a month earlier – 92,600 BTC.

Most of the bitcoins – 117,585 coins-are locked in WBTC tokens. Another 22,499 and 6,010 are blocked in RenBTC and HBTC, respectively. Bitcoin owners will shuffle their coins in Ethereum to participate in the DeFi protocols, many of which offer high returns.

The growth rate of the DeFi industry has slowed somewhat in recent weeks. According to DeFi Pulse, crypto assets equivalent to $10.8 are currently blocked in the protocols of decentralized finance. Recall that on September 18, this figure reached
$13.2 billion.

The number of BTC blocked in Ethereum began to increase simultaneously with the growth of the DeFi protocols, which occurred in the summer of this year.

The growth of the market was also affected by the increase in the price of bitcoin in recent weeks. The number of BTC investors has grown. At the same time, the number of bitcoins tokenized in Ethereum has also increased – including from new investors who want to make a profit in anticipation of further market growth.