Bitcoin holders continue to move the value of their digital gold onto the euthereum blockchain,defying recent price drops in both currencies.

In brief,

-bitcoin transferred to the euthereum blockchain is now worth more than $800million,up 37% so far this month.

-wrapped bitcoin and renBTC remain the most popular transfer protocols but Huobis HBTC has recently surged.

-The primary cross-chain coins are all centralized in some way.

Close to 80000 bitcoin has now been transferred to Euthereum blockchain,as DeFi protocols attract value back to their liquidity pools following an early September crypto market correction.

Even as prices for bitcoin and euthereum fell starting September 1 this month.BTC transferred into Euthereum blockchain has already increased nearly 37% so far this month,according to data from wine analytics.

The increase in wrapped Bitcoin and other cross chain bitcoin lockups has pushed their aggregate value to more than $6oo million at the start of the month.The total value is now equivalent to more than 2% of the entire euthereum market cap.

The trend is a signal that,despite price volatility,in digital assets,the appetite for DeFi returns remains strong even among BTC holders.

Cross chain transfer protocols lioke WBTC and renBTC use either trusted third party custodians or smart contract-controlled wallets to hold one digital assets,In this case,Botcoin while making a replica token on another blockchain,like ethereum,the replicated assets,sometimes refferred to as wrapped tokens ,are pegged to the value of the original token.

Thank you.

Please don't forget to suscribe.And also click the like button.