Onchain BTC Research

Tokenized Bitcoin: supply, custody and use.

Read the research →How we measure it

Research on issuance, redemption and where wrapped BTC is held, using measured onchain balances and documented custody structures.

Wrapped BTC, covered supply

308,543 BTC

WBTC
109,673
cbBTC
↑ 1.6× 1y93,827
BTCB
65,301
LBTC
7,823
SolvBTC
5,673
tBTC
3,869
uniBTC
3,667
Other wrappers
18,711

Coverage and exclusions

The data behind the research

All charts →

Wrapped BTC supply by issuer

How is tokenized BTC supply split between issuers, and how is that changing?

A line chart of outstanding wrapped BTC supply by issuer over time. WBTC is the largest named series; cbBTC, launched in late 2024, grew to nearly match it; BTCB, issued on BNB Chain, is a steady third; LBTC, SolvBTC, tBTC and uniBTC are smaller; every wrapper below about one percent of supply is aggregated into one series. Supply is netted of bridge escrow on the chains where escrow is measured and reported gross on the rest.

Source: Onchain supply; bridge escrow netted wherever it is measured — Onchain BTC ResearchMethodology

View underlying data
Date against each series, in btc.
DateWBTCcbBTCBTCBLBTCSolvBTCtBTCuniBTCOther wrappers
2025-09-28116.4k BTC57.3k BTC65.3k BTC9.9k BTC7.6k BTC5.6k BTC2.7k BTC10.8k BTC
2025-10-01116.4k BTC59.0k BTC65.3k BTC9.6k BTC7.4k BTC5.5k BTC2.7k BTC10.9k BTC
2025-10-04116.6k BTC60.0k BTC65.3k BTC9.7k BTC7.4k BTC5.5k BTC2.7k BTC10.8k BTC
2025-10-07116.6k BTC62.9k BTC65.3k BTC9.7k BTC7.4k BTC5.6k BTC2.7k BTC10.6k BTC
2025-10-10116.6k BTC64.6k BTC65.3k BTC9.6k BTC7.5k BTC5.3k BTC2.5k BTC11.2k BTC
2025-10-13116.6k BTC65.1k BTC65.3k BTC9.6k BTC7.4k BTC5.2k BTC2.5k BTC11.4k BTC
2025-10-16116.7k BTC65.7k BTC65.3k BTC9.6k BTC7.6k BTC4.9k BTC2.1k BTC11.3k BTC
2025-10-19116.5k BTC65.2k BTC65.3k BTC9.5k BTC7.7k BTC5.0k BTC2.8k BTC11.1k BTC
2025-10-22116.5k BTC66.6k BTC65.3k BTC9.9k BTC7.7k BTC4.9k BTC2.8k BTC11.6k BTC
2025-10-25116.5k BTC66.5k BTC65.3k BTC9.6k BTC7.7k BTC4.9k BTC2.8k BTC11.6k BTC
2025-10-28116.5k BTC66.9k BTC65.3k BTC9.6k BTC7.6k BTC4.9k BTC2.8k BTC12.1k BTC
2025-10-31116.6k BTC67.6k BTC65.3k BTC9.8k BTC7.5k BTC4.9k BTC2.8k BTC12.1k BTC
2025-11-03116.7k BTC68.0k BTC65.3k BTC9.8k BTC7.7k BTC5.0k BTC2.8k BTC12.0k BTC
2025-11-06116.8k BTC69.3k BTC65.3k BTC9.8k BTC7.7k BTC5.0k BTC2.7k BTC14.0k BTC
2025-11-09116.8k BTC69.6k BTC65.3k BTC9.9k BTC7.6k BTC5.0k BTC2.7k BTC14.3k BTC
2025-11-12116.8k BTC69.2k BTC65.3k BTC9.9k BTC7.5k BTC5.0k BTC2.7k BTC14.0k BTC
2025-11-15116.8k BTC69.6k BTC65.3k BTC9.8k BTC7.8k BTC5.1k BTC2.7k BTC13.6k BTC
2025-11-18116.8k BTC69.8k BTC65.3k BTC9.9k BTC7.8k BTC5.2k BTC2.6k BTC14.0k BTC
2025-11-21116.7k BTC68.3k BTC65.3k BTC10.0k BTC7.6k BTC5.3k BTC1.9k BTC13.8k BTC
2025-11-24115.0k BTC69.6k BTC65.3k BTC10.0k BTC7.7k BTC5.3k BTC1.9k BTC14.3k BTC
2025-11-27115.0k BTC70.3k BTC65.3k BTC9.9k BTC8.0k BTC5.3k BTC1.9k BTC15.0k BTC
2025-11-30115.1k BTC67.5k BTC65.3k BTC9.9k BTC7.9k BTC5.3k BTC1.9k BTC15.4k BTC
2025-12-03115.2k BTC66.9k BTC65.3k BTC9.9k BTC7.9k BTC5.3k BTC1.9k BTC15.0k BTC
2025-12-06115.2k BTC68.0k BTC65.3k BTC9.8k BTC7.8k BTC5.3k BTC1.9k BTC15.0k BTC
2025-12-09115.3k BTC68.1k BTC65.3k BTC9.3k BTC7.8k BTC5.3k BTC2.4k BTC15.8k BTC
2025-12-12115.3k BTC69.0k BTC65.3k BTC9.8k BTC7.8k BTC5.2k BTC2.2k BTC15.4k BTC
2025-12-15115.3k BTC69.6k BTC65.3k BTC9.6k BTC7.9k BTC5.2k BTC2.2k BTC15.3k BTC
2025-12-18115.3k BTC70.3k BTC65.3k BTC9.7k BTC7.9k BTC5.2k BTC2.3k BTC15.0k BTC
2025-12-21115.4k BTC69.8k BTC65.3k BTC9.7k BTC7.7k BTC5.2k BTC2.4k BTC14.9k BTC
2025-12-24115.4k BTC69.1k BTC65.3k BTC9.8k BTC7.3k BTC5.1k BTC2.4k BTC14.7k BTC
2025-12-27115.5k BTC69.7k BTC65.3k BTC9.7k BTC7.6k BTC5.1k BTC2.3k BTC14.4k BTC
2025-12-30115.6k BTC69.7k BTC65.3k BTC9.7k BTC7.6k BTC5.0k BTC2.3k BTC15.2k BTC
2026-01-02115.7k BTC72.6k BTC65.3k BTC9.7k BTC7.6k BTC5.0k BTC2.3k BTC15.3k BTC
2026-01-05115.7k BTC72.6k BTC65.3k BTC9.7k BTC7.6k BTC5.0k BTC2.3k BTC15.7k BTC
2026-01-08115.8k BTC72.4k BTC65.3k BTC9.7k BTC7.3k BTC5.0k BTC2.3k BTC15.8k BTC
2026-01-11115.8k BTC72.7k BTC65.3k BTC9.7k BTC7.4k BTC5.0k BTC2.3k BTC15.6k BTC
2026-01-14115.8k BTC72.8k BTC65.3k BTC9.7k BTC7.6k BTC5.0k BTC2.3k BTC15.6k BTC
2026-01-17115.8k BTC73.4k BTC65.3k BTC9.6k BTC7.4k BTC5.0k BTC2.3k BTC16.1k BTC
2026-01-20115.3k BTC73.5k BTC65.3k BTC9.6k BTC8.6k BTC5.0k BTC2.3k BTC16.2k BTC
2026-01-23115.3k BTC74.4k BTC65.3k BTC9.5k BTC8.2k BTC5.0k BTC2.3k BTC16.9k BTC
2026-01-26115.2k BTC75.3k BTC65.3k BTC9.9k BTC8.0k BTC5.0k BTC2.3k BTC16.8k BTC
2026-01-29115.2k BTC76.4k BTC65.3k BTC10.2k BTC7.2k BTC5.1k BTC2.3k BTC16.5k BTC
2026-02-01115.3k BTC74.4k BTC65.3k BTC10.2k BTC7.2k BTC5.2k BTC2.2k BTC16.4k BTC
2026-02-04111.8k BTC77.1k BTC65.3k BTC10.3k BTC7.3k BTC5.3k BTC2.2k BTC16.4k BTC
2026-02-07111.8k BTC83.3k BTC65.3k BTC10.3k BTC7.1k BTC5.8k BTC2.2k BTC16.5k BTC
2026-02-10111.7k BTC83.2k BTC65.3k BTC9.8k BTC8.0k BTC5.7k BTC2.2k BTC15.8k BTC
2026-02-13111.6k BTC84.9k BTC65.3k BTC9.6k BTC8.2k BTC5.6k BTC2.2k BTC16.1k BTC
2026-02-16111.6k BTC85.0k BTC65.3k BTC9.5k BTC7.3k BTC5.0k BTC2.2k BTC16.1k BTC
2026-02-19111.4k BTC84.4k BTC65.3k BTC9.2k BTC6.8k BTC5.0k BTC2.2k BTC16.1k BTC
2026-02-22111.1k BTC83.5k BTC65.3k BTC9.2k BTC6.6k BTC5.0k BTC2.2k BTC16.1k BTC
2026-02-25110.5k BTC85.0k BTC65.3k BTC9.1k BTC6.3k BTC5.0k BTC2.2k BTC16.0k BTC
2026-02-28110.5k BTC84.5k BTC65.3k BTC9.3k BTC6.2k BTC5.0k BTC2.2k BTC15.9k BTC
2026-03-03110.6k BTC84.0k BTC65.3k BTC9.4k BTC6.5k BTC5.0k BTC2.6k BTC15.7k BTC
2026-03-06110.7k BTC83.7k BTC65.3k BTC9.4k BTC6.3k BTC4.9k BTC2.6k BTC15.7k BTC
2026-03-09110.1k BTC83.9k BTC65.3k BTC9.4k BTC6.2k BTC4.9k BTC2.6k BTC15.5k BTC
2026-03-12110.0k BTC83.8k BTC65.3k BTC9.4k BTC6.3k BTC4.9k BTC2.6k BTC15.5k BTC
2026-03-15110.0k BTC84.3k BTC65.3k BTC9.4k BTC6.3k BTC4.8k BTC3.1k BTC15.7k BTC
2026-03-18110.0k BTC83.1k BTC65.3k BTC9.3k BTC6.4k BTC4.8k BTC3.5k BTC15.4k BTC
2026-03-21110.0k BTC83.7k BTC65.3k BTC9.5k BTC6.4k BTC4.9k BTC3.5k BTC15.3k BTC
2026-03-24110.1k BTC84.0k BTC65.3k BTC9.5k BTC6.4k BTC4.9k BTC3.5k BTC15.4k BTC
2026-03-27110.0k BTC84.5k BTC65.3k BTC9.6k BTC6.4k BTC4.9k BTC3.5k BTC16.1k BTC
2026-03-30110.0k BTC84.5k BTC65.3k BTC9.6k BTC6.4k BTC5.0k BTC3.7k BTC16.1k BTC
2026-04-02110.3k BTC84.7k BTC65.3k BTC9.4k BTC6.4k BTC5.1k BTC3.7k BTC16.2k BTC
2026-04-05110.6k BTC84.9k BTC65.3k BTC9.5k BTC6.3k BTC5.1k BTC3.7k BTC16.5k BTC
2026-04-08110.6k BTC82.8k BTC65.3k BTC9.4k BTC6.3k BTC5.2k BTC3.7k BTC16.3k BTC
2026-04-11110.6k BTC83.0k BTC65.3k BTC9.2k BTC6.4k BTC5.2k BTC3.7k BTC16.2k BTC
2026-04-14110.4k BTC84.0k BTC65.3k BTC9.1k BTC6.4k BTC5.1k BTC3.7k BTC16.3k BTC
2026-04-17110.5k BTC83.3k BTC65.3k BTC9.4k BTC5.6k BTC5.0k BTC3.7k BTC16.3k BTC
2026-04-20110.2k BTC73.1k BTC65.3k BTC9.4k BTC5.5k BTC4.9k BTC3.7k BTC15.6k BTC
2026-04-23110.0k BTC72.7k BTC65.3k BTC9.4k BTC5.4k BTC4.6k BTC3.7k BTC15.6k BTC
2026-04-26109.8k BTC73.3k BTC65.3k BTC9.3k BTC5.5k BTC4.6k BTC3.7k BTC15.6k BTC
2026-04-29109.8k BTC73.9k BTC65.3k BTC9.3k BTC5.5k BTC4.6k BTC3.7k BTC15.6k BTC
2026-05-02109.8k BTC73.8k BTC65.3k BTC9.4k BTC5.5k BTC4.6k BTC3.7k BTC15.5k BTC
2026-05-05109.7k BTC73.5k BTC65.3k BTC9.3k BTC5.5k BTC4.6k BTC3.7k BTC15.4k BTC
2026-05-08109.9k BTC77.8k BTC65.3k BTC9.3k BTC5.6k BTC4.6k BTC3.7k BTC15.3k BTC
2026-05-11109.9k BTC78.4k BTC65.3k BTC9.3k BTC5.7k BTC4.6k BTC3.7k BTC15.2k BTC
2026-05-14109.7k BTC77.1k BTC65.3k BTC9.2k BTC5.7k BTC4.7k BTC3.7k BTC15.2k BTC
2026-05-17109.7k BTC77.6k BTC65.3k BTC9.2k BTC5.6k BTC4.5k BTC3.7k BTC15.1k BTC
2026-05-20109.2k BTC77.8k BTC65.3k BTC9.0k BTC5.6k BTC4.4k BTC3.7k BTC15.1k BTC
2026-05-23109.3k BTC78.9k BTC65.3k BTC9.0k BTC5.6k BTC4.3k BTC3.7k BTC15.2k BTC
2026-05-26109.1k BTC79.6k BTC65.3k BTC8.5k BTC5.6k BTC4.3k BTC3.7k BTC15.2k BTC
2026-05-29108.9k BTC81.6k BTC65.3k BTC8.4k BTC5.6k BTC4.3k BTC3.7k BTC14.9k BTC
2026-06-01108.9k BTC82.9k BTC65.3k BTC8.5k BTC5.6k BTC4.4k BTC3.7k BTC14.6k BTC
2026-06-04108.6k BTC82.8k BTC65.3k BTC8.5k BTC5.6k BTC4.4k BTC3.7k BTC15.4k BTC
2026-06-07108.6k BTC84.2k BTC65.3k BTC8.5k BTC5.6k BTC4.5k BTC3.7k BTC15.6k BTC
2026-06-10108.7k BTC82.7k BTC65.3k BTC8.6k BTC5.6k BTC4.6k BTC3.7k BTC14.6k BTC
2026-06-13108.7k BTC82.3k BTC65.3k BTC8.6k BTC5.6k BTC4.5k BTC3.7k BTC13.9k BTC
2026-06-16108.7k BTC82.3k BTC65.3k BTC8.6k BTC5.7k BTC4.6k BTC3.7k BTC13.8k BTC
2026-06-19108.7k BTC82.7k BTC65.3k BTC8.6k BTC5.7k BTC4.6k BTC3.7k BTC14.1k BTC
2026-06-22108.7k BTC82.7k BTC65.3k BTC8.6k BTC5.7k BTC4.5k BTC3.7k BTC14.1k BTC
2026-06-25108.8k BTC85.8k BTC65.3k BTC8.6k BTC5.7k BTC4.6k BTC3.7k BTC14.3k BTC
2026-06-28108.8k BTC87.1k BTC65.3k BTC8.5k BTC5.7k BTC4.6k BTC3.7k BTC14.2k BTC
2026-07-01108.9k BTC88.1k BTC65.3k BTC8.4k BTC5.7k BTC4.6k BTC3.7k BTC13.8k BTC
2026-07-04108.8k BTC88.8k BTC65.3k BTC9.0k BTC5.7k BTC4.6k BTC3.7k BTC13.9k BTC
2026-07-07108.9k BTC88.4k BTC65.3k BTC8.9k BTC5.7k BTC4.6k BTC3.7k BTC13.9k BTC
2026-07-10108.9k BTC91.4k BTC65.3k BTC8.9k BTC5.7k BTC4.6k BTC3.7k BTC13.9k BTC
2026-07-13108.9k BTC91.8k BTC65.3k BTC8.9k BTC5.7k BTC4.6k BTC3.7k BTC13.7k BTC
2026-07-16108.9k BTC91.7k BTC65.3k BTC8.9k BTC5.7k BTC4.6k BTC3.7k BTC12.9k BTC
2026-07-19108.9k BTC91.8k BTC65.3k BTC8.9k BTC5.7k BTC4.5k BTC3.7k BTC12.9k BTC
2026-07-22108.9k BTC91.9k BTC65.3k BTC8.9k BTC5.7k BTC4.5k BTC3.7k BTC12.9k BTC
2026-07-25109.0k BTC91.8k BTC65.3k BTC8.9k BTC5.7k BTC4.4k BTC3.7k BTC14.0k BTC
2026-07-28109.0k BTC93.4k BTC65.3k BTC8.9k BTC5.7k BTC4.4k BTC3.7k BTC14.0k BTC
2026-07-31109.0k BTC92.7k BTC65.3k BTC9.0k BTC5.7k BTC4.4k BTC3.7k BTC13.7k BTC
2026-08-03109.0k BTC93.0k BTC65.3k BTC8.9k BTC5.7k BTC4.4k BTC3.7k BTC13.9k BTC
2026-08-06109.0k BTC93.1k BTC65.3k BTC8.8k BTC5.8k BTC4.4k BTC3.7k BTC13.9k BTC
2026-08-09109.0k BTC93.3k BTC65.3k BTC8.8k BTC5.8k BTC4.3k BTC3.7k BTC13.8k BTC
2026-08-12109.1k BTC93.9k BTC65.3k BTC8.7k BTC5.8k BTC4.1k BTC3.7k BTC13.7k BTC
2026-08-15109.2k BTC93.4k BTC65.3k BTC8.7k BTC5.8k BTC4.1k BTC3.7k BTC13.8k BTC
2026-08-18109.2k BTC93.9k BTC65.3k BTC8.7k BTC5.8k BTC4.1k BTC3.7k BTC12.7k BTC
2026-08-21109.3k BTC94.4k BTC65.3k BTC8.6k BTC5.8k BTC4.0k BTC3.7k BTC12.8k BTC
2026-08-24109.4k BTC94.2k BTC65.3k BTC8.6k BTC5.7k BTC4.0k BTC3.7k BTC12.8k BTC
2026-08-27109.4k BTC94.3k BTC65.3k BTC8.6k BTC5.7k BTC4.0k BTC3.7k BTC13.1k BTC
2026-08-30109.4k BTC95.0k BTC65.3k BTC8.5k BTC5.7k BTC3.9k BTC3.7k BTC12.8k BTC
2026-09-02109.4k BTC95.4k BTC65.3k BTC8.6k BTC5.7k BTC3.9k BTC3.7k BTC13.0k BTC
2026-09-05109.5k BTC96.7k BTC65.3k BTC8.5k BTC5.7k BTC4.0k BTC3.7k BTC13.1k BTC
2026-09-08109.5k BTC95.0k BTC65.3k BTC8.5k BTC5.7k BTC4.0k BTC3.7k BTC13.1k BTC
2026-09-11109.5k BTC96.0k BTC65.3k BTC8.4k BTC5.7k BTC3.9k BTC3.7k BTC13.1k BTC
2026-09-14109.5k BTC95.7k BTC65.3k BTC8.4k BTC5.7k BTC3.9k BTC3.7k BTC13.2k BTC
2026-09-17109.5k BTC96.1k BTC65.3k BTC8.3k BTC5.7k BTC3.9k BTC3.7k BTC14.2k BTC
2026-09-20109.5k BTC95.0k BTC65.3k BTC8.3k BTC5.7k BTC3.9k BTC3.7k BTC14.4k BTC
2026-09-23109.6k BTC94.5k BTC65.3k BTC8.1k BTC5.7k BTC3.9k BTC3.7k BTC15.4k BTC
2026-09-26109.7k BTC93.8k BTC65.3k BTC7.8k BTC5.7k BTC3.9k BTC3.7k BTC18.7k BTC
Explore this chart →

WBTC and cbBTC together hold about two of every three tokenized bitcoin. Over the year shown, cbBTC grew fast while WBTC edged down.

What holds wrapped BTC

Is tokenized BTC being used, or is it sitting still?

A single stacked bar showing share of wrapped BTC balances by holder type. Lending markets hold the largest share at close to half, followed by idle wallet balances at about a third; unlabelled contracts, bridge escrow, custody and vaults, and DEX liquidity hold single-digit shares each.

Shares are of balances counted gross: a bridged token is held in escrow on the chain it left and held again on the chain where it was minted, so it is counted twice — once as bridge escrow. Supply charts count it once, so the base here is larger than total supply.

Source: Onchain balances and contract labels — Onchain BTC ResearchMethodology

View underlying data
Holder type against each series, in percent.
Holder typeLending marketsIdle wallet balancesCustody, vaults & exchangesBridge escrowDEX liquidityOther contracts
Share of supply45%35%2.9%4.7%2.5%10%
Explore this chart →

Close to half of tokenized BTC sits in lending market contracts and about a third in wallets with no protocol label.

Where wrapped BTC sits, by chain

Which chains hold tokenized BTC, and how concentrated is that distribution?

A stacked area chart of wrapped BTC supply by chain over time. Ethereum holds the largest share throughout; BNB Chain is second, almost entirely BTCB; Base rises to third; Arbitrum is a distant fourth, followed by Arc; Avalanche, Monad and Ink are named but small; Optimism, MegaETH and Etherlink are aggregated into one remainder series.

Source: Onchain supply by chain — Onchain BTC ResearchMethodology

View underlying data
Date against each series, in btc.
DateEthereumBNB ChainBaseArbitrumArcAvalancheMonadInkOther chains
2025-09-28165.9k BTC74.1k BTC21.9k BTC8.5k BTC0 BTC5.1k BTC0 BTC51 BTC197 BTC
2025-10-01166.8k BTC74.0k BTC22.1k BTC8.5k BTC0 BTC5.1k BTC0 BTC51 BTC189 BTC
2025-10-04168.2k BTC74.0k BTC22.1k BTC8.4k BTC0 BTC5.1k BTC0 BTC51 BTC183 BTC
2025-10-07170.7k BTC74.2k BTC22.3k BTC8.4k BTC0 BTC5.1k BTC0 BTC51 BTC184 BTC
2025-10-10171.8k BTC74.2k BTC22.6k BTC8.3k BTC0 BTC5.1k BTC0 BTC531 BTC177 BTC
2025-10-13171.8k BTC74.3k BTC22.9k BTC8.3k BTC0 BTC5.2k BTC0 BTC531 BTC182 BTC
2025-10-16172.7k BTC73.2k BTC23.2k BTC8.4k BTC0 BTC5.2k BTC0 BTC531 BTC186 BTC
2025-10-19172.3k BTC73.3k BTC23.2k BTC8.4k BTC0 BTC5.2k BTC0 BTC531 BTC183 BTC
2025-10-22174.0k BTC73.5k BTC23.3k BTC8.3k BTC0 BTC5.2k BTC0 BTC756 BTC175 BTC
2025-10-25173.4k BTC73.5k BTC23.5k BTC8.4k BTC0 BTC5.2k BTC8.7 BTC756 BTC175 BTC
2025-10-28173.9k BTC73.9k BTC23.7k BTC8.3k BTC0 BTC5.1k BTC37 BTC756 BTC172 BTC
2025-10-31174.5k BTC73.7k BTC24.0k BTC8.3k BTC0 BTC5.2k BTC40 BTC756 BTC174 BTC
2025-11-03175.1k BTC73.7k BTC24.1k BTC8.3k BTC0 BTC5.2k BTC96 BTC756 BTC174 BTC
2025-11-06176.3k BTC74.7k BTC24.2k BTC8.3k BTC0.0 BTC5.2k BTC129 BTC1.8k BTC161 BTC
2025-11-09176.4k BTC75.0k BTC24.4k BTC8.3k BTC0.0 BTC5.1k BTC128 BTC1.8k BTC151 BTC
2025-11-12175.8k BTC75.0k BTC24.6k BTC8.4k BTC0.0 BTC4.7k BTC141 BTC1.8k BTC143 BTC
2025-11-15176.3k BTC74.9k BTC24.5k BTC8.3k BTC0.0 BTC4.7k BTC161 BTC1.8k BTC143 BTC
2025-11-18176.6k BTC75.1k BTC24.7k BTC8.3k BTC0.0 BTC4.6k BTC234 BTC1.8k BTC140 BTC
2025-11-21173.8k BTC75.2k BTC25.1k BTC8.3k BTC0.0 BTC4.6k BTC237 BTC1.8k BTC155 BTC
2025-11-24173.0k BTC75.7k BTC25.5k BTC8.3k BTC0.0 BTC4.6k BTC241 BTC1.8k BTC163 BTC
2025-11-27173.1k BTC76.8k BTC26.0k BTC8.3k BTC0.0 BTC4.6k BTC253 BTC1.8k BTC145 BTC
2025-11-30170.0k BTC77.1k BTC26.2k BTC8.4k BTC0.0 BTC4.6k BTC295 BTC1.8k BTC146 BTC
2025-12-03169.3k BTC76.6k BTC26.4k BTC8.3k BTC0.0 BTC4.6k BTC330 BTC1.8k BTC144 BTC
2025-12-06170.0k BTC76.6k BTC26.7k BTC8.3k BTC0.0 BTC4.6k BTC345 BTC1.8k BTC144 BTC
2025-12-09170.6k BTC76.8k BTC26.9k BTC8.4k BTC2.0 BTC4.5k BTC402 BTC1.8k BTC145 BTC
2025-12-12171.4k BTC76.6k BTC27.1k BTC8.3k BTC2.0 BTC4.5k BTC402 BTC1.8k BTC137 BTC
2025-12-15171.4k BTC76.7k BTC27.5k BTC8.4k BTC2.0 BTC4.5k BTC376 BTC1.8k BTC138 BTC
2025-12-18171.7k BTC76.6k BTC27.8k BTC8.3k BTC40 BTC4.5k BTC349 BTC1.8k BTC122 BTC
2025-12-21171.1k BTC76.5k BTC27.9k BTC8.3k BTC40 BTC4.4k BTC332 BTC1.8k BTC118 BTC
2025-12-24170.6k BTC75.6k BTC28.2k BTC8.3k BTC40 BTC4.4k BTC342 BTC1.8k BTC110 BTC
2025-12-27170.5k BTC75.8k BTC28.7k BTC8.2k BTC40 BTC4.3k BTC339 BTC1.8k BTC110 BTC
2025-12-30169.7k BTC75.8k BTC29.4k BTC8.2k BTC40 BTC4.3k BTC334 BTC2.6k BTC105 BTC
2026-01-02173.0k BTC76.3k BTC29.0k BTC8.3k BTC40 BTC4.3k BTC350 BTC2.2k BTC103 BTC
2026-01-05172.9k BTC76.8k BTC29.1k BTC8.3k BTC40 BTC4.3k BTC301 BTC2.2k BTC104 BTC
2026-01-08172.4k BTC76.6k BTC29.3k BTC8.3k BTC40 BTC4.3k BTC345 BTC2.2k BTC103 BTC
2026-01-11172.4k BTC76.5k BTC29.6k BTC8.3k BTC40 BTC4.3k BTC366 BTC2.2k BTC103 BTC
2026-01-14172.6k BTC76.5k BTC29.7k BTC8.3k BTC40 BTC4.3k BTC421 BTC2.2k BTC102 BTC
2026-01-17172.9k BTC76.3k BTC30.0k BTC8.3k BTC40 BTC4.3k BTC431 BTC2.7k BTC98 BTC
2026-01-20173.5k BTC76.5k BTC30.1k BTC8.3k BTC40 BTC4.3k BTC388 BTC2.7k BTC98 BTC
2026-01-23172.6k BTC77.7k BTC30.5k BTC8.2k BTC40 BTC4.2k BTC389 BTC3.0k BTC98 BTC
2026-01-26173.6k BTC77.6k BTC30.9k BTC8.1k BTC40 BTC4.2k BTC408 BTC3.0k BTC97 BTC
2026-01-29174.1k BTC76.7k BTC31.3k BTC8.2k BTC40 BTC4.4k BTC389 BTC3.0k BTC98 BTC
2026-02-01172.5k BTC76.9k BTC31.1k BTC8.1k BTC40 BTC4.2k BTC371 BTC3.0k BTC97 BTC
2026-02-04171.2k BTC77.1k BTC31.8k BTC8.1k BTC40 BTC4.2k BTC420 BTC3.0k BTC97 BTC
2026-02-07178.4k BTC77.0k BTC31.2k BTC8.2k BTC40 BTC4.1k BTC404 BTC3.0k BTC113 BTC
2026-02-10177.7k BTC77.0k BTC31.2k BTC8.1k BTC40 BTC4.1k BTC681 BTC3.0k BTC110 BTC
2026-02-13178.3k BTC77.2k BTC31.8k BTC8.1k BTC40 BTC4.0k BTC674 BTC3.4k BTC111 BTC
2026-02-16177.6k BTC76.4k BTC31.9k BTC8.1k BTC40 BTC4.0k BTC698 BTC3.4k BTC113 BTC
2026-02-19176.4k BTC75.8k BTC32.2k BTC8.1k BTC40 BTC4.0k BTC699 BTC3.4k BTC112 BTC
2026-02-22175.0k BTC75.6k BTC32.2k BTC8.1k BTC40 BTC4.0k BTC673 BTC3.4k BTC112 BTC
2026-02-25175.1k BTC75.3k BTC32.8k BTC8.2k BTC40 BTC4.0k BTC755 BTC3.4k BTC113 BTC
2026-02-28174.8k BTC75.3k BTC32.9k BTC8.2k BTC40 BTC3.9k BTC796 BTC3.5k BTC113 BTC
2026-03-03174.7k BTC75.3k BTC32.9k BTC8.2k BTC40 BTC3.9k BTC932 BTC3.5k BTC114 BTC
2026-03-06174.6k BTC74.9k BTC33.0k BTC8.2k BTC40 BTC3.9k BTC2.0k BTC3.5k BTC116 BTC
2026-03-09174.1k BTC75.0k BTC33.1k BTC8.1k BTC40 BTC3.8k BTC2.1k BTC3.5k BTC117 BTC
2026-03-12173.1k BTC75.1k BTC33.4k BTC8.1k BTC40 BTC3.8k BTC2.0k BTC3.5k BTC117 BTC
2026-03-15173.8k BTC75.2k BTC33.6k BTC8.1k BTC0 BTC3.9k BTC2.0k BTC3.5k BTC118 BTC
2026-03-18172.5k BTC75.2k BTC33.9k BTC8.2k BTC0 BTC3.8k BTC2.0k BTC3.5k BTC117 BTC
2026-03-21173.1k BTC75.2k BTC34.0k BTC8.1k BTC0 BTC3.8k BTC1.8k BTC3.5k BTC113 BTC
2026-03-24173.4k BTC75.1k BTC34.2k BTC8.1k BTC0 BTC3.9k BTC1.8k BTC3.5k BTC114 BTC
2026-03-27173.5k BTC75.9k BTC34.7k BTC8.1k BTC0 BTC3.7k BTC1.8k BTC3.5k BTC114 BTC
2026-03-30173.5k BTC75.9k BTC35.0k BTC8.0k BTC0 BTC3.7k BTC1.9k BTC3.5k BTC114 BTC
2026-04-02173.8k BTC75.7k BTC35.4k BTC8.0k BTC0 BTC3.7k BTC2.1k BTC3.5k BTC114 BTC
2026-04-05174.2k BTC75.1k BTC35.4k BTC8.0k BTC0 BTC3.6k BTC2.1k BTC3.5k BTC114 BTC
2026-04-08171.8k BTC75.0k BTC35.5k BTC8.0k BTC0 BTC3.5k BTC2.2k BTC3.5k BTC115 BTC
2026-04-11171.4k BTC75.1k BTC35.9k BTC8.0k BTC0 BTC3.4k BTC2.2k BTC3.5k BTC115 BTC
2026-04-14171.3k BTC75.1k BTC36.8k BTC7.9k BTC0 BTC3.4k BTC1.8k BTC3.6k BTC117 BTC
2026-04-17170.7k BTC74.3k BTC37.1k BTC7.9k BTC0 BTC3.4k BTC1.8k BTC3.6k BTC118 BTC
2026-04-20160.4k BTC74.1k BTC37.1k BTC7.7k BTC0 BTC3.2k BTC1.8k BTC3.1k BTC117 BTC
2026-04-23159.6k BTC74.0k BTC37.2k BTC7.7k BTC0 BTC3.2k BTC1.8k BTC3.3k BTC142 BTC
2026-04-26159.6k BTC74.1k BTC37.3k BTC7.7k BTC0 BTC3.1k BTC1.7k BTC3.3k BTC163 BTC
2026-04-29160.0k BTC74.1k BTC37.5k BTC7.6k BTC0 BTC3.1k BTC1.7k BTC3.3k BTC163 BTC
2026-05-02159.7k BTC74.1k BTC37.6k BTC7.6k BTC0 BTC3.0k BTC1.7k BTC3.3k BTC167 BTC
2026-05-05159.5k BTC74.1k BTC37.4k BTC7.5k BTC0 BTC3.0k BTC1.7k BTC3.3k BTC172 BTC
2026-05-08163.7k BTC74.1k BTC37.5k BTC7.4k BTC0 BTC3.0k BTC1.7k BTC3.3k BTC172 BTC
2026-05-11163.9k BTC74.2k BTC37.9k BTC7.4k BTC0 BTC3.0k BTC1.7k BTC3.2k BTC176 BTC
2026-05-14162.5k BTC74.2k BTC38.3k BTC7.3k BTC0 BTC3.0k BTC1.6k BTC3.2k BTC177 BTC
2026-05-17162.8k BTC74.1k BTC38.4k BTC7.3k BTC0 BTC3.0k BTC1.6k BTC3.2k BTC177 BTC
2026-05-20162.1k BTC74.2k BTC38.5k BTC7.2k BTC0 BTC3.0k BTC1.6k BTC3.1k BTC239 BTC
2026-05-23162.8k BTC74.1k BTC38.8k BTC7.2k BTC0 BTC3.0k BTC1.6k BTC3.2k BTC239 BTC
2026-05-26162.9k BTC74.1k BTC39.0k BTC7.2k BTC0 BTC3.0k BTC1.8k BTC3.2k BTC243 BTC
2026-05-29164.1k BTC74.1k BTC39.5k BTC7.2k BTC0 BTC3.0k BTC1.8k BTC2.8k BTC298 BTC
2026-06-01165.0k BTC74.1k BTC39.9k BTC7.2k BTC0 BTC3.0k BTC1.8k BTC2.5k BTC296 BTC
2026-06-04164.5k BTC74.1k BTC40.0k BTC7.3k BTC0 BTC3.0k BTC1.8k BTC3.4k BTC296 BTC
2026-06-07165.4k BTC74.0k BTC40.7k BTC7.3k BTC0 BTC3.0k BTC1.8k BTC3.5k BTC288 BTC
2026-06-10163.7k BTC74.1k BTC41.2k BTC7.2k BTC0 BTC2.9k BTC1.8k BTC2.7k BTC286 BTC
2026-06-13163.2k BTC74.1k BTC41.4k BTC7.2k BTC0 BTC2.9k BTC1.7k BTC1.9k BTC286 BTC
2026-06-16162.8k BTC74.1k BTC41.8k BTC7.2k BTC0 BTC2.9k BTC1.8k BTC1.9k BTC286 BTC
2026-06-19163.0k BTC74.1k BTC42.0k BTC7.3k BTC0 BTC3.3k BTC1.8k BTC1.8k BTC292 BTC
2026-06-22162.8k BTC74.1k BTC42.1k BTC7.3k BTC0 BTC3.3k BTC1.8k BTC1.8k BTC292 BTC
2026-06-25165.6k BTC74.0k BTC42.4k BTC7.3k BTC0 BTC3.3k BTC1.9k BTC1.9k BTC293 BTC
2026-06-28166.6k BTC74.0k BTC42.7k BTC7.3k BTC0 BTC3.3k BTC2.2k BTC1.9k BTC293 BTC
2026-07-01167.1k BTC74.0k BTC43.0k BTC7.4k BTC0 BTC3.3k BTC2.5k BTC1.4k BTC293 BTC
2026-07-04168.1k BTC73.9k BTC43.3k BTC7.5k BTC0 BTC3.2k BTC2.5k BTC1.5k BTC293 BTC
2026-07-07167.7k BTC74.2k BTC43.3k BTC7.5k BTC0 BTC3.2k BTC2.5k BTC1.4k BTC292 BTC
2026-07-10170.6k BTC74.3k BTC43.5k BTC7.5k BTC0 BTC3.1k BTC2.5k BTC1.5k BTC176 BTC
2026-07-13170.7k BTC74.3k BTC43.7k BTC7.5k BTC0 BTC3.1k BTC1.8k BTC1.3k BTC175 BTC
2026-07-16170.2k BTC74.3k BTC44.1k BTC7.5k BTC0 BTC2.4k BTC1.8k BTC1.3k BTC139 BTC
2026-07-19170.2k BTC74.3k BTC44.2k BTC7.5k BTC0 BTC2.4k BTC1.8k BTC1.3k BTC138 BTC
2026-07-22170.0k BTC74.2k BTC44.5k BTC7.5k BTC0 BTC2.4k BTC1.8k BTC1.3k BTC137 BTC
2026-07-25169.7k BTC75.1k BTC44.6k BTC7.5k BTC0 BTC2.4k BTC1.9k BTC1.4k BTC137 BTC
2026-07-28170.5k BTC74.8k BTC45.3k BTC7.5k BTC0 BTC2.4k BTC1.8k BTC1.5k BTC124 BTC
2026-07-31169.9k BTC74.6k BTC45.2k BTC7.5k BTC0 BTC2.4k BTC1.8k BTC1.2k BTC119 BTC
2026-08-03170.2k BTC74.6k BTC45.3k BTC7.5k BTC0 BTC2.4k BTC1.9k BTC1.4k BTC117 BTC
2026-08-06170.2k BTC74.5k BTC45.5k BTC7.4k BTC0 BTC2.3k BTC1.8k BTC1.4k BTC117 BTC
2026-08-09170.4k BTC74.5k BTC45.4k BTC7.4k BTC0 BTC2.3k BTC1.8k BTC1.4k BTC117 BTC
2026-08-12170.7k BTC75.2k BTC45.5k BTC7.4k BTC0 BTC2.3k BTC1.8k BTC1.3k BTC116 BTC
2026-08-15170.5k BTC75.2k BTC45.1k BTC7.4k BTC0 BTC2.3k BTC1.8k BTC1.3k BTC116 BTC
2026-08-18171.1k BTC74.2k BTC45.1k BTC7.4k BTC18 BTC2.3k BTC1.8k BTC1.3k BTC115 BTC
2026-08-21171.3k BTC74.2k BTC45.2k BTC7.4k BTC86 BTC2.3k BTC1.7k BTC1.4k BTC114 BTC
2026-08-24171.2k BTC74.2k BTC45.2k BTC7.4k BTC86 BTC2.3k BTC1.8k BTC1.4k BTC112 BTC
2026-08-27171.5k BTC74.0k BTC45.2k BTC7.4k BTC80 BTC2.3k BTC1.8k BTC1.7k BTC112 BTC
2026-08-30171.9k BTC74.0k BTC45.4k BTC7.4k BTC122 BTC2.3k BTC—1.5k BTC112 BTC
2026-09-02172.1k BTC74.0k BTC45.6k BTC7.4k BTC174 BTC2.3k BTC—1.7k BTC112 BTC
2026-09-05173.3k BTC74.0k BTC45.8k BTC7.4k BTC222 BTC2.3k BTC—1.8k BTC112 BTC
2026-09-08171.2k BTC74.0k BTC46.0k BTC7.4k BTC289 BTC2.3k BTC—1.8k BTC112 BTC
2026-09-11172.0k BTC74.0k BTC46.3k BTC7.5k BTC379 BTC2.3k BTC—1.6k BTC113 BTC
2026-09-14171.8k BTC74.0k BTC46.2k BTC7.5k BTC397 BTC2.3k BTC—1.6k BTC112 BTC
2026-09-17172.0k BTC74.0k BTC46.5k BTC7.5k BTC551 BTC2.4k BTC—2.2k BTC113 BTC
2026-09-20170.7k BTC74.0k BTC46.7k BTC7.5k BTC840 BTC2.4k BTC—2.3k BTC113 BTC
2026-09-23169.8k BTC74.0k BTC46.8k BTC7.5k BTC1.4k BTC2.3k BTC—2.4k BTC114 BTC
2026-09-26168.6k BTC74.0k BTC47.1k BTC7.5k BTC3.6k BTC2.3k BTC—2.2k BTC113 BTC
Explore this chart →

Ethereum holds a majority of tokenized supply, and BNB Chain and Base together account for roughly two fifths.

What we study

  1. Wrappers

    — Issuance, redemption and the supply structure of tokenized BTC.

  2. Lending

    — How wrapped BTC is used as collateral and what that implies for risk.

  3. Yield

    — Where BTC-denominated yield comes from, and what is actually being paid for it.

  4. Custody

    — Who holds the underlying, under what structure, and how verifiable it is.

  5. Flows

    — Movement between chains, venues and wrappers.

  6. Risk

    — Concentration, dependency and failure modes across the wrapper stack.

Why this exists

Supply alone does not describe custody or redemption risk. This publication combines measured balances with research into the arrangements behind each wrapper and the venues that depend on it.

Written by Andrey Shivalin, tokenized bitcoin researcher.

Working on tokenized BTC?

Commissioned research, measurement design and review on wrapped-BTC market structure.

Get in touch