First in a bigger series of dAppradar’s reports, which explore how value moves around after entering the blockchain industry, revealed that the amount of Bitcoin (BTC) sitting in centralized exchanges (CEX) is at its lowest point in 2021, while Wrapped Bitcoin (WBTC), the first ERC20 token backed 1:1 with Bitcoin, doubled since the start of the year. Besides tracking the flow of the main cryptos, the data acquisition and analysis company delved into how stablecoins, which are cardinal for interacting with decentralized finance (DeFi) protocols, affect the space. Tracking Bitcoin and Ethereum “Looking at BTC reserves, we calculate the reserve to circulating supply ratio at 12.67%, the lowest in 2021.
The reserve to circulating supply ratio indicates the amount of the asset available in CEX compared to the total circulating supply,” read the report, while revealing that “there are more than 20,000 WBTC tokens locked in Ethereum (ETH) DeFi dapps.
Get an Edge on the Crypto Asset Market
Even though the crypto market is fast-moving and often confusing, CryptoSlate Edge can help make sense of it for you. Edge is a yearly membership intended to help you become a more knowledgeable crypto investor and better decision-maker.
Here's what's included in your membership:
Exclusive Articles and Analysis
Get an analytical edge by accessing members-only articles with insights from our researchers.
Private Discord Community
As an Edge member, you will access new articles first and be able to ask our journalists questions in our private Discord.
Access to All Innovative Projects and Curated Sectors
Follow new projects and crypto sectors with our manually curated data for over 50 industry verticals.
Enhanced Data In News Articles
See the TradingView price charts and IntoTheBlock sentiment and on-chain data in market analysis articles.
Exclusive Video Interviews with Crypto Founders
Get access to the exclusive recordings of our interviews with founders we use for our articles.
We hide all advertisements for CryptoSlate Edge members.