Onchain BTC Research

Charts

The data pillar as a library of figures, sectioned by the question each answers.

2 of 9 figures · Show all

Tokenized BTC outstanding
≈ 309.2k BTC
Last reported balance of every issuer in the library, summed.
Sits on Ethereum
55%
Share of wrapped supply attributed to a single chain.
Held by two venues
77%
Share of covered lending collateral at the top two venues.
Inside lending markets
45%
Balances held by lending protocol contracts — supplied liquidity and posted collateral.

Holders

Who holds it and whether it is used.

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.
Largest
Lending markets 45%
Top three
90%

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 balancesBridge escrowCustody, vaults & exchangesDEX liquidityOther contracts
Share of supply45%35%4.7%2.9%2.5%10%
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  1. Where wrapped BTC sits, over time

    Wrapped BTC balances by holder type totals 324,386 BTC across 6 holder types.

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

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