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WBTC Hits New High on Aave, Coinbase’s Wrapped Bitcoin Supply Soars

WBTC Hits New High on Aave, Coinbase’s Wrapped Bitcoin Supply SoarsIt’s been 48 days since Bitgo revealed its partnership with Bit Global on Aug. 9, 2024. Since that announcement, the supply of wrapped bitcoin (WBTC) held on Aave V3 has soared to a new peak. Meanwhile, cbBTC, the bitcoin derivative token from Coinbase, has hit a market cap of $247.8 million. Bitcoin Derivative Landscape Shifts […]

Crypto Trader Says One Top-50 Altcoin Could Go Up by Over 100%, Updates Outlook on Bitcoin and Ethereum

Wrapped Bitcoin supplied on Aave hits record high despite backing fears 

WBTC is still the most popular Bitcoin wrapper, with nearly $10 billion in TVL, according to DefiLlama.

Wrapped Bitcoin (WBTC) supplied on decentralized lending platform Aave hit an all-time high despite anxieties around the Bitcoin (BTC) wrapper’s backing, according to data from Dune Analytics.

Aave’s WBTC supply on the Ethereum network broke 37,000 in September, or more than $2 billion at current prices, according to Dune.

The record-breaking total value locked (TVL) on Aave follows a wave of skepticism among cryptocurrency retail investors about the safety of the underlying spot Bitcoin backing WBTC.

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Crypto Trader Says One Top-50 Altcoin Could Go Up by Over 100%, Updates Outlook on Bitcoin and Ethereum

Sky Adviser Recommends Halting Wrapped Bitcoin Offboarding

Sky Adviser Recommends Halting Wrapped Bitcoin OffboardingBA Labs, an adviser to Sky, formerly known as Makerdao, has decided to stop recommending any additional parameter changes regarding the offboarding of wrapped bitcoin (WBTC) collateral. The move follows statements from Bitgo’s CEO Mike Belshe and a vote from Sky community members. Sky Adviser BA Labs Recommends Pausing WBTC Offboarding Changes BA Labs’ decision […]

Crypto Trader Says One Top-50 Altcoin Could Go Up by Over 100%, Updates Outlook on Bitcoin and Ethereum

DeFi protocol Threshold proposes Bitcoin wrapper merger to ‘save WBTC’

The proposal would effectively transfer control of WBTC to Threshold. 

Bitcoin (BTC) decentralized finance (DeFi) protocol Threshold is proposing to merge its own BTC “wrapper” token, tBTC, into Wrapped Bitcoin (WBTC) in a bid to “save WBTC” following concerns about an impending change in control of the popular BTC wrapper, according to an Aug. 29 proposal in Threshold’s governance forum.

On Aug. 9, BitGo — the cryptocurrency custodian holding the Bitcoin backing WBTC — announced a planned partnership with BiT Global, a Hong Kong-based crypto exchange. Per the partnership, which aims to diversify WBTC’s United States-centric footprint, BiT Global is expected to gain partial control of the multisignature wallet custodying WBTC’s Bitcoin backing. 

“This announcement has proven controversial due to the involvement of Justin Sun, with many in the ecosystem, expressing concern over his ‘affiliated projects show worrying signs of possible misappropriation’ of collateral,” Threshold’s proposal said.

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Crypto Trader Says One Top-50 Altcoin Could Go Up by Over 100%, Updates Outlook on Bitcoin and Ethereum

WBTC Custody Changes Prompts Defi Moves, Bitgo CEO Disregard Concerns

WBTC Custody Changes Prompts Defi Moves, Bitgo CEO Disregard ConcernsThe recent announcement of the custody change of WBTC, a wrapped version of bitcoin, has prompted a negative reaction in decentralized finance (defi) protocols that reject Justin Sun’s disclosed relation with the project. Bitgo is moving WBTC custody to a joint venture with Bit Global, another custodian, to diversify custody locations and decentralize private keys […]

Crypto Trader Says One Top-50 Altcoin Could Go Up by Over 100%, Updates Outlook on Bitcoin and Ethereum