$96 million Bitcoin moved to Ethereum in July

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Last Updated on 3 August 2020 by CryptoTips.eu

Data provided by Dune Analytics reveals that $96 million in Bitcoin moved to Ethereum during July, more than 70% growth. The past few weeks we have seen spectacular growth in the Ethereum price. And not only that, but in July its tokenized Bitcoin (BTC) supply grew over 70%

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Bitcoin on Ethereum?

Using the Dune Analytics data, @eliasimos found that in July Ethereum remained the most popular Blockchain for Bitcoins outside of its chain.

The above statement will probably draw more attention. Yes, there are tokens on the Ethereum Blockchain that represent Bitcoin.

Bitcoin is the first crypto in the world and, therefore, is the most recognized. The objective of the above is basically to integrate the best of both worlds: to allow the use of Bitcoin in DeFi.

Tokenized Bitcoin Graph
Graph where the market share of each of the Bitcoin projects tokenized in Ethereum is observed. Source: Dune Analytics

For those who have not heard of WBTC, it is an ERC20 token that represents Bitcoin, so it maintains a 1:1 relationship with BTC. It is also the oldest tokenized Bitcoin protocol, which was launched on the Ethereum mainnet in January 2019. However, it is not the only project of its kind. For example, there is also a project called imToken that created a token called imBTC.

So, in a nutshell, tokenized Bitcoins allow BTC investors to access other types of financial trades on other Blockchains.

Surprising?

In June, almost $60 million in Bitcoins was reported to have moved to Ethereum during the month. However, from that moment experts assured that the trend would continue.

At the time, Medio Demarco, co-founder of Delphi Digital, assured CoinDesk that “the recent trend should not come as a surprise and will probably continue.”

Now, Andy Bromberg, president of CoinList, explained to the media that tokenizing Bitcoins on Ethereum “is the greatest opportunity for the growth of decentralized finance today.”

Context in DeFi

The previous findings are within the historical framework that the Decentralized Finance market (DeFi) currently lives. And it is that during this month decentralized finance has experienced an extraordinary boom.

In fact, to gain perspective, on July 31 the market reached a valuation of $8 billion, and people are talking of a possible bubble.