.6% of all BTC is now wrapped on Ethereum

in GEMS8 days ago

Wrapping Bitcoin is getting popular again

There is already a supply shortage and it's only going to get worse.

Bitcoin is seeing a major supply crunch on a number of exchanges and that trend seems like it's only going to get worse.

We've seen companies snatching up bitcoin off the open market as well as institutions.

We are also seeing bitcoin moving to defi, and though that trend cooled for a while, it has picked back up in full force.

Currently roughly .6% of all bitcoin in circulation is wrapped on Ethereum.

image.png

(Source: https://twitter.com/awrigh01/status/1328729921955442689/photo/1)

The reason for this is miners and other holders no longer have to sell their bitcoin in order to generate returns on it.

Especially with these higher prices.

They can take that bitcoin, wrap it, and earn some yield on it.

This is locking up more and more bitcoin at a time when the supply is already crunched.

Can you say moon time?

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