• wBTC saw a couple of 2,000 transfers for the first time in over a month.
• Inflow has dominated Bitcoin flow as the price remained bearish.

The wrapped version of Bitcoin [wBTC] recently experienced a significant surge. This move raised questions about whether holders were redeeming their BTCs and if it impacted the BTC trend.

Read Bitcoin’s [BTC] Price Prediction 2023-24

wBTC transaction volume spikes

On 1 July, the transaction volume of wrapped wBTC surged to over 7,000, marking the second occurrence of such a spike in over two months. However, the most notable activity on that day was related to top token transactions per Santiment.

There were two significant movements of 2,000 wBTC each, which decreased the supply of wBTC on exchanges. Notably, this whale transaction was the first in over a month.

As of this writing, the transaction volume exceeded 3,000, and the supply of wBTC on exchanges was approximately 3.4%. It’s important to understand that wrapped Bitcoin (wBTC) is a tokenized version of Bitcoin [BTC] that operates on a different blockchain network, commonly on the Ethereum blockchain. Its purpose is to provide the liquidity and functionality of BTC to decentralized applications (dApps) and smart contracts on the Ethereum platform.

Wrapping
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Author: Adewale Olarinde

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