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Nearly $100M in Bitcoin Moved to Ethereum in July, Led by Retail Traders

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Ethereum is still the most popular off-chain destination for bitcoins as its supply of tokenized bitcoin (BTC) grew more than 70% in July.

  • More than 20,000 BTC – worth roughly $225 million – are now tokenized and used in Ethereum-based protocols.

  • Wrapped bitcoin (WBTC) represents over 76% of the total tokenized bitcoin supply with over 15,500 BTC tokenized.

  • The total supply grew by roughly $96 million in July, following June’s record growth.

  • Tokenized bitcoins allow traders and investors to denominate transactions in bitcoin while using applications built on other blockchains.

  • “We experienced a dramatic WBTC growth in July, led by our retail users,” said Matthieu Jobbé-Duval, head of financial products at CoinList, a token launch and exchange platform that minted 7,079 WBTC in July.

  • renBTC, the second largest supply of tokenized bitcoin, holds approximately 2,068 BTC.

  • Tokenizing bitcoins on Ethereum is “the biggest opportunity for decentralized finance’s growth today,” said Andy Bromberg, president of CoinList in an email to CoinDesk.

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