Onchain BTC Research

Charts

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

2 of 9 figures about Spark · 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.

Lending

How much is posted as collateral, where, and in what form.

Wrapped BTC posted as lending collateral

Which lending venues actually hold wrapped BTC as collateral?

A ranked bar chart of wrapped BTC posted as collateral, by lending venue and chain. Aave v3 on Ethereum is the largest, followed by Morpho Blue on Base and on Ethereum, then Spark on Ethereum and Aave v3 on Base. Collateral is de-duplicated per position and market, and covers only the venues indexed today.
Total
121.9k BTC
Largest
Aave v3 · Ethereum 45.0% of total

Source: Aave v3, Morpho Blue, Spark — Onchain BTC ResearchMethodology

View underlying data
Lending venue against each series, in btc.
Lending venueWrapped BTC posted as collateral
Aave v3 · Ethereum54.9k BTC
Morpho Blue · Base38.5k BTC
Morpho Blue · Ethereum15.2k BTC
Spark · Ethereum10.5k BTC
Aave v3 · Base2.8k BTC
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  1. Wrapped BTC collateral by lending protocol

    Wrapped BTC posted as lending collateral totals 121,949 BTC across 3 lending protocols.

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