#DeFi / Nearly $100M in Bitcoin Moved to Ethereum in July

Ethereum is still the most popular off-chain destination for bitcoins as its supply of tokenized bitcoin (BTC) grew more than 70% in July.

More than 20,000 BTC – worth roughly $225 million – are now tokenized and used in Ethereum-based protocols… Tokenized bitcoins allow traders and investors to denominate transactions in bitcoin while using applications built on other blockchains.

[CoinList:] “We experienced a dramatic WBTC growth in July, led by our retail users.”

… renBTC, the second largest supply of tokenized bitcoin, holds approximately 2,068 BTC.

Tokenizing bitcoins on Ethereum is “the biggest opportunity for decentralized finance’s growth today,” said Andy Bromberg, president of CoinList…

https://www.coindesk.com/nearly-100-million-in-bitcoin-moved-to-ethereum-in-july-led-by-retail-traders