Disclosure: Members of our team may own positions in assets mentioned in this report. This statement is intended to disclose any conflict of interest and should not be misconstrued as a recommendation to purchase any token. This content is for informational purposes only and you should not make decisions based solely on it. This is not investment advice.
The crypto market had a weak open during Asia hours and the futures premium on BTC has eroded. Given the amount of forced selling and leverage wipeouts that occurred in the past few weeks, the fact that BTC is still holding $30,000 implies there’s a strong spot bid. However, conditions can reverse in an instant in crypto markets, and sellers have continued to offload coins with a vengeance.
1% of Total Supply of BTC is in DeFi
- 1% of all BTC that can ever exist is currently locked on the Ethereum blockchain. WBTC continues to lead the way and expand its market share with 79% of all BTC on Ethereum.
- BTC is a proven store-of-value and the most resilient crypto asset. Its use as collateral in DeFi has skyrocketed in the past 1.5 years and is expected to continue growing as DeFi gathers more traction.