cryptoupdate
Contributor
The circulating supply of Wrapped Bitcoin (wBTC) has dropped to a negative balance after 11,500 wBTC were burned in connection with the Celsius Network
Wrapped Bitcoin gained the support of DeFi traders during the 2021-22 bull season, but demand began to wane after multiple crypto contagions caused investors to redeem their holdings.
The supply of Wrapped Bitcoin (wBTC) plummeted to its lowest since May 2021 following the second-largest single-day burn on February 27th. A staggering 11,500 WBTC, worth approximately $260 million, linked to the now-bankrupt crypto lender Celsius was burned, resulting in a negative growth rate.
The current total supply of the wrapped token stands at 164,396 WBTC, with a monthly growth rate of -7.39%. This significant decrease in supply has caused a stir in the crypto market, with many speculating on the potential implications of this drastic drop...Read More
The supply of Wrapped Bitcoin (wBTC) plummeted to its lowest since May 2021 following the second-largest single-day burn on February 27th. A staggering 11,500 WBTC, worth approximately $260 million, linked to the now-bankrupt crypto lender Celsius was burned, resulting in a negative growth rate.
The current total supply of the wrapped token stands at 164,396 WBTC, with a monthly growth rate of -7.39%. This significant decrease in supply has caused a stir in the crypto market, with many speculating on the potential implications of this drastic drop...Read More