Bitcoin Addresses Hodling 1k+ BTC Spikes But It Isn't Whales

More on Wrapped BTC and its Reserves

At the time of writing, the WBTC custodian currently has reserves worth 260,965.5178 BTC. The funds are distributed in roughly 264 addresses with each holding not more than 2,200 BTC. The Bitcoin is in turn used to back 262,162.3169 Wrapped BTC on the Ethereum network.

The WBTC custodian is also responsible for an additional 100.04 BTC that is used to back 99.89 WBTC on the Tron network. This amount of Bitcoin is only held in one Bitcoin address.

Wrapped Bitcoin is an essential cog in the DeFi ecosystem by successfully bringing Bitcoin’s value and liquidity to the protocols on Ethereum and Tron. A tokenized version of Bitcoin on either network makes it easier to write smart contracts that successfully utilize Bitcoin’s value and liquidity.

Furthermore, tokenizing Bitcoin’s value on Tron or Ethereum takes advantage of the various attributes of each network such as speed, security, transparency, and lower fees in the case of Tron. Wrapped Bitcoin (WBTC) also eliminates the need for middlemen and intermediaries when moving funds denominated in Bitcoin on the two networks.

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