Massive $500M WBTC Burn Follows Coinbase’s Bold Decision
The supply of Wrapped Bitcoin (WBTC) on Ethereum dropped by 5,844 coins in just eight days, falling from 146,734 on Nov. 16 to 140,890 on Nov. 24.
A major burn of 5,182 WBTC, worth over $500 million, was flagged by btcparser.com, raising speculation about shifting liquidity. This comes as Coinbase plans to delist WBTC in December, amid growing competition from other BTC derivatives like BTCB, cbBTC, and tBTC.
The rivalry in the wrapped Bitcoin market continues to reshape the sector, sparking debates on the token’s future.
Clever Robot News Desk 25th November 2024
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