Wrapped Bitcoin Supply on Aave Reaches 37,000 WBTC, Worth Over $2 Billion

Sep 27, 2024, 07:21 PM

The supply of Wrapped Bitcoin (WBTC) on Aave V3 has reached an all-time high this month, surpassing 37,000 WBTC, which is equivalent to over $2 billion at current market prices. This milestone comes as Aave decided against limiting its Wrapped Bitcoin exposure despite a controversial restructure of the project. The growth in WBTC on Aave is complemented by increasing deposits of tBTC and cbBTC. Additionally, Coinbase's Wrapped Bitcoin supply has also seen significant growth. This surge in WBTC supply highlights the growing interest and adoption of Bitcoin derivatives in the cryptocurrency market in September 2024.