According to the latest aggregated data of Dune Analytics, there is now over $2 billion worth of Bitcoin (BTC) residing on the Ethereum network. Dune Analytics’ data shows that more and more BTC is being pumped into Ethereum as the surge in decentralized finance (DeFi) continues. As it currently stands, there is a precise 150,049 BTC on Ethereum, which is about 4.32% of the network’s total market cap. In perspective, the total BTC on the network just a month before is only at 80,000 – valued at approximately $1 billion at that period.
The most popular synthetic Bitcoin representation on Ethereum is found out to be Wrapped Bitcoin (wBTC). As per the data report, Wrapped Bitcoin holds approximately 80% of the market share and has an impressive $1.5 billion market cap all on its own. CoinGecko, another crypto analytic firm, states that Wrapped Bitcoin’s position within the Ethereum network can be placed alongside some of the most-performing DeFi coins today. In fact, it could even go as high as second place.
It is no secret that the increased interest to commit BTCs on the Ethereum network is mainly driven by investors’ desire to capitalize on the still-surging DeFi market. Many now see this move as being able to offer them much higher yields, and it is seemingly not going away any time soon. Suppose DeFi continues to perform as it currently does. In that case, one can only expect that the total number of BTCs committed to the Ethereum network to rise even more.