Wrapped Bitcoin (WBTC), a token created to enable Bitcoin (BTC) transactions on the Ethereum (ETH) network, has seen a huge surge in transaction volume recently. In fact, a whale that we are used to buying SHIB or APE bought WBTC worth $25 million. Here are the details…
Whales receiving SHIB or APE have wBTC on target
Interestingly, the largest of the recent recorded transactions of Ethereum whales shows a spike in WBTC accumulation. According to WhaleStats, ETH whales have added over $28.6 million of WBTC to their baskets in the last 24 hours. This increased WBTC’s 24-hour trading volume of $329 million by 85 percent. An ETH whale named “Saruman” has purchased around $25.3 million worth of WBTC tokens.
According to data, ETH wallet received $11.9 million worth of WBTC in a single transaction. Currently, “Saruman” alone holds over $62.4 million in Wrapped Bitcoin. Apart from that, WBTC is in the top 10 in the list of coins most held by ETH whales. The data reveals that ETH wallets hold more than $462 million in WBTC tokens.
wBTC?
As we have reported as Kriptokoin.com, wrapped Bitcoin (WBTC) is an ERC-20 token that represents Bitcoin (BTC) on the Ethereum Blockchain. A key advantage of WBTC is its integration into the world of Ethereum wallets, dApps (decentralized applications) and smart contracts. Through a WBTC partner, 1 Bitcoin can be converted to 1 Wrapped Bitcoin and vice versa. WBTC was created to allow Bitcoin holders to participate in decentralized finance (DeFi) applications popular on Ethereum.
BTC supporting WBTC can be transparently verified through a “proof of reserve” system that confirms the 1:1 support between minted WBTC tokens and Bitcoin stored by custodians. WBTC is currently managed by a group called WBTC DAO which consists of more than 30 members. Originally BitGo was started by Ren and Kyber. At the time of writing, BTC is trading at $38,750, up 1.7 percent.
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