# Wrapped BTC posted as lending collateral

**Question.** Which lending venues actually hold wrapped BTC as collateral?

**Answer.** Wrapped BTC posted as lending collateral totals 121,949 BTC across 5 lending venues. The largest is Aave v3 · Ethereum at 45.0%, followed by Morpho Blue · Base at 31.6%. The three largest account for 89.1%.

## Latest values (26 Sep 2026)

| Lending venue | Value |
| --- | ---: |
| Aave v3 · Ethereum | 54,915 BTC |
| Morpho Blue · Base | 38,522 BTC |
| Morpho Blue · Ethereum | 15,237 BTC |
| Spark · Ethereum | 10,497 BTC |
| Aave v3 · Base | 2,778 BTC |

## Interpretation

Aave v3 on Ethereum holds more wrapped BTC collateral than the next two venues combined, and its parameters are set by a different process from theirs.

## 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/lending-collateral/data.csv
- Series as plotted (JSON): /charts/lending-collateral/data.json
- Page: /charts/lending-collateral

- Methodology: /methodology