August 1, 2020

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

[Coindesk, Getty Images]

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

Monthly tokenized bitcoin supply growth since January 2020. Source: Dune Analytics, OnChainFX, CoinDesk Research
  • 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.
Off-chain bitcoin supply distribution as of July 2020
Source: Dune Analytics, OnChainFX, CoinDesk Research
Share of off-chain bitcoin supply between Ethereum- and Bitcoin-based protocols
Source: DeFi Pulse, Bitcoin Visuals,,

By Zack Voell

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