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Nearly $100M in Bitcoin Moved to Ethereum in July, Led by Retail Traders
Over 76% of tokenized bitcoin have been minted by Wrapped Bitcoin.
By Zack Voell
Updated Mar 6, 2023, 2:47 p.m. Published Aug 1, 2020, 2:16 p.m.
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Ethereum is still the most popular off-chain destination for bitcoins as its supply of tokenized bitcoin grew more than 70% in July.
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- 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.
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Why bitcoin’s rare oversold RSI crash signals a long, slow grind ahead
History suggests the current move could lead to consolidation around the $60,000 region in the months ahead before the next leg upward.
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- Bitcoin’s 14-day Relative Strength Index (RSI) dropped below 30 for only the third time in its history this month, according to checkonchain,
- The RSI is a momentum oscillator that measures the speed and magnitude of recent price movements by comparing average gains and losses over a set period of 14 days.
- In both 2015 and 2018, similar RSI readings were followed by multi-month consolidation phases before a sustained breakout.
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