Rising cross chain bitcion lockups on Ethereum blockchain may continue the dwindling price of bitcoin.
According to Decrypt report, data from Dune Analytics has shown that 37 % of bitcoin has been tranfered to ethereum blockchain by cross chain transfer protocol like WBTC, RebBTC and HBTC.
In the report, Wrapped bitcion -WBTC made the highest tranfer and lockups of bitcoin worth of $800million from less than$600million in begining of september 2020 onto Ethereum blockchain.
It was added that, the booming returns from DeFi platforms on Ethereum network attracted the rising cross chain bitcoin transfer and lockups.
Pointed out by decrypt that, " the trend is a signal that, despite price volatility in digital assets, the appetite for DeFi's returns remains very stron even among the bitcoin holders.
Rising cross chain bitcion lockups on Ethereum blockchain may continue the dwindling price of bitcoin. According to Decrypt report, data from Dune Analytics has shown that 37 % of bitcoin has been tranfered to ethereum blockchain by cross chain transfer protocol like WBTC, RebBTC and HBTC. In the report, Wrapped bitcion -WBTC made the highest tranfer and lockups of bitcoin worth of $800million from less than$600million in begining of september 2020 onto Ethereum blockchain.
It was added that, the booming returns from DeFi platforms on Ethereum network attracted the rising cross chain bitcoin transfer and lockups.
Pointed out by decrypt that, " the trend is a signal that, despite price volatility in digital assets, the appetite for DeFi's returns remains very stron even among the bitcoin holders.