Onchain BTC Research

What this project studies

Tokenized and wrapped Bitcoin: who issues it, how redemption actually works, which chains it settles on, which protocols hold it, and how concentrated that holding is. The unit of work is a research piece with a stated claim and the evidence behind it — not a metric feed.

Why it needs dedicated research

Wrapped BTC is treated either as a product to buy or as a line on a dashboard. Both skip the part that matters: it is a claim on an offchain asset, issued under a specific custody structure, used as collateral across venues that assume it will hold its peg. That is a market-structure question, and it needs to be measured as one.

Independence

The publication is independent. Where a piece covers a protocol the author has a relationship with, that is disclosed in the article itself. No issuer reviews research before it is published. This publication is independent research for information purposes only. It is not investment, legal or tax advice, and nothing here is a recommendation to buy, sell or hold any asset.

Data

Figures are measured onchain and aggregated from an analytical warehouse — not estimates, projections or protocol self-reporting. Chart pages are refreshed from one shared capture, research articles keep the data they were written against, and the methodology states what each number excludes.