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21 January 2021

Wrapped Bitcoin ‘Burns’ Increase as Traders Rotate Capital Out of Cooling DeFi - CoinDesk

Wrapped Bitcoin ‘Burns’ Increase as Traders Rotate Capital Out of Cooling DeFi - CoinDesk


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Wrapped Bitcoin, the bitcoin-backed token on Ethereum now worth over $2 billion, has seen an increase in burns (or “unwrappings”) by some of its largest users as the Ethereum-based decentralized finance sector continues to cool.

Alameda’s WBTC burns are also partially the result of shifts in their OTC order flow and internal capital base readjustment as the price of bitcoin continues to climb, the firm told CoinDesk. .

Three Arrows Capital, another prominent Wrapped Bitcoin merchant that burned over 4,000 WBTC in the past two weeks, declined to comment on why they “unwrapped” these coins

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