Data reveals that since the start of the year, the count of circulating wrapped bitcoins (WBTC) has diminished, plunging by more than 22,000 WBTC. Notably, a year-long assessment reflects an even more significant contraction, with over 86,000 WBTC evaporating from circulation since last July.
A 12-Month Decline of 86,000 WBTC in Circulation
The Wrapped Bitcoin project has been around for over four years, originating as WBTC on the Ethereum blockchain at the dawn of 2019. As of now, WBTC stands as the 16th most valuable asset among a sea of alternative cryptocurrencies, boasting a market value of approximately $4.73 billion. Despite its ranking as the most prominent wrapped bitcoin (BTC) derivative token, a notable contraction in circulating coins has been observed since the previous year.
To illustrate, rewind to July 13, 2022, when the circulating supply of WBTC stood at an estimated 247,832 WBTC. Today, that number has tapered off to 161,460 WBTC. This translates into a reduction of
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