- Bitcoin transferred to the Ethereum blockchain is now worth more than $800 million, up 37% so far this month.
- Wrapped Bitcoin and renBTC remain the most popular transfer protocols, but Huobi’s HBTC has recently surged.
- The primary cross-chain coins are all centralized in some way.
Even as prices for Bitcoin and Ethereum fell starting September 1, BTC transferred onto the Ethereum blockchain has already increased nearly 37% so far this month, according to data from Dune Analytics.
The increase in Wrapped Bitcoin (WBTC) and other cross-chain Bitcoin lockups has pushed their aggregate value to more than $800 million from less than $600 million at the start of the month. The total value is now equivalent to more than 2% of the entire Ethereum 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 like WBTC and renBTC use either trusted third-party custodians or smart contract-controlled wallets to hold one digital asset, in this case Bitcoin, while making a replica token on another blockchain, like Ethereum. The replicated assets, sometimes referred