WBTC Encapsulated Bitcoin Volumes Soar…Are Whales Switching to Decentralized Finance?
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Answer WBTC Encapsulated Bitcoin Volumes Soar…Are Whales Switching to Decentralized Finance?
Whale trading data on Monday showed that some large bitcoin traders are turning to DeFi to preserve their investment returns.
Encapsulated Bitcoin (WBTC), a type of Ethereum-based Bitcoin used to invest and access DeFi platforms.
Encapsulated Bitcoin has seen a huge rise in trading volumes as the cryptocurrency market has plunged.
Bitcoin is down more than 4% from the past seven days, dragging the bulk of the cryptocurrency market down with it.
Amid this Red Sea, DeFi platforms like Curve or Anchor Protocol seem to offer better returns.
Encapsulated Bitcoin volume jumps 148% in the last 24 hours:
Recent WBTC encapsulated Bitcoin purchases by Ethereum whales have increased the 24-hour coin’s trading volume by a whopping 148%.
Read:Cryptocurrency trading platform disappears with the money of customers and users
Encapsulated Bitcoin has made it to the list of the most used smart contracts by Ethereum whales in the last 24 hours.
USDT and Ethereum are still the most used cryptocurrencies for decentralized finance by whales.
Currently the largest Ethereum wallet holds over $615 million in WBTC.
The encapsulated Bitcoin makes up 7.18% of the total holdings of the top 100 Ethereum whales.
According to Whalestats, Ethereum whale BlueWhale0279 has added $14.29 million worth of encapsulated Bitcoin in the last 24 hours.
Data shows that this whale owns more than $58 million in encapsulated Bitcoin.
Ethereum Whales Add WBTC Encapsulated Bitcoin to Their Wallets Amid Market Crash:
According to the data, Bitcoin can be seen encapsulated in the list of the top 10 coins bought in the last 30 days by the largest Ethereum whales.
This directly indicates that the largest wallets are accumulating WBTC on a large scale.
WBTC is down more than 3% after Bitcoin in the past 24 hours, and WBTC is tracking major Bitcoin in its movement step by step, as it is a representation of it on another blockchain.
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