The monthly supply rate of Wrapped Bitcoin (WBTC), traded on the Ethereum (ETH) network, fell to a record low after the bankrupt crypto lending platform Celsius Network (CEL) burned 11,500 wBTC.
According to on-chain data, the supply of wBTC took place on February 27. second largest daily burn next May 2021 fell to its lowest level since Celsius About his approximate posting to crypto trading platform FalconX 270 million worth a dollar 11,500 wBTC monthly supply of wBTC after burn to 7.39% fell.
According to Dune analytics data, shortly after Celsius burned, another unknown wallet was sent via FalconX. 262 million worth a dollar 11.232wBTC burned more. in the last two days one after another wBTC supply as a result of the burnings, -from 7.39% –15.72%′regressed to. Total burned in February wBTC amount 24,182 it happened.
of users Bitcoins (BTC) Ethereum by integrating into your network in smart contracts enabling it to use WBTC protocol, to crypto markets judge at the heights of the bull market 285,000 WBTC BTC price after peaking with drop and cryptocurrency market bankruptcies quickly after to decline started.
Specifically, according to the data bankruptcies due to their assets have to use remainder institutional investors And companies mass withdrawals caused by wBTC supply to a significant decrease caused. Experts TerraUSD Celsius during the collapse Burning 9,000 wBTC and many other companies of the company leading to liquidity problems The drop in wBTC supply starting point claimed it was.
Bankrupt cryptocurrency exchange FTX similar stored on its balance sheet just before bankruptcy. 3,000 wBTC It was among the on-chain data he tried to burn. Largest monthly burn in wBTC after the market repercussions of the FTX bankruptcy 28,000 wBTC has been withdrawn from the market. Equity between wBTC and BTC due to high volume after FTX bankruptcy WBTC’s value against BTC 1.5% deteriorated with the decrease.