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BTC on Ethereum Won’t Slow Down, Mixed Signals from Spot and Derivatives Market

Jun 8, 2021 · 4 min read

By Ashwath Balakrishnan, and Jeremy Ong

Market Update

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.

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