A few days ago Coinbase announced plans remove wrapped bitcoin (WBTC) from its platform on December 19, 2024. Over the following days, the supply of WBTC has decreased significantly.
On November 16th, WBTC's offer on Ethereum was noted at 146 coins, on November 734 this figure dropped to 24 WBTC. In addition, the transaction monitor Ethereum btcparser.com tracked the burning of 5 WBTC.
It is rare that such large volumes occur. wrapped bitcoin (WBTC) move around the network Ethereum , — the account of the operator btcparser.com says. It is also interesting that this time the coins were burned.
Transaction Monitor Ethereum from Btcparser.com.
The last burn at the exchange rate at that time was estimated at approximately $500,125,712, which is a very impressive amount.
At the same time as the delisting announcement, Coinbase launched its own Bitcoin derivative, and its adoption is growing rapidly. At the same time, the San Francisco-based crypto exchange's cbBTC faces competition from similar peers WBTC, BTCB, and Threshold Network's tBTC.
