# Wrapped BTC collateral by lending protocol

**Question.** Is wrapped BTC collateral concentrating in fewer protocols?

**Answer.** Wrapped BTC posted as lending collateral totals 121,949 BTC across 3 lending protocols. The largest is Aave v3 at 47.3%, followed by Morpho Blue at 44.1%.

## Latest values (26 Sep 2026)

| Date | Value |
| --- | ---: |
| Aave v3 | 57,693 BTC |
| Morpho Blue | 53,759 BTC |
| Spark | 10,497 BTC |

## Interpretation

Aave v3 has held the largest share of covered wrapped BTC collateral on every day since January 2026, and the gap has narrowed sharply: Aave's balance fell while Morpho Blue's rose. Spark is the smallest throughout.

## Data

- Source: Aave v3, Morpho Blue, Spark — Onchain BTC Research
- Coverage: `sample` (see the methodology for what this covers)
- Data through: 2026-09-26
- Series as plotted (CSV): /charts/collateral-by-protocol/data.csv
- Series as plotted (JSON): /charts/collateral-by-protocol/data.json
- Page: /charts/collateral-by-protocol

Observations are sampled to the chart's display resolution over the full window, not the underlying daily grain.

- Methodology: /methodology