$60 Million From Bitcoin To Ethereum: According to the latest June reports of Dune Analytics, nearly sixty million dollars worth bitcoins have found its place in Ethereum. Decentralized financial services have made the use of bitcoins more popular. Along with this, Ethereum is the renowned off-chain destination for bitcoins. As per Demarco, the recent trend will not be a surprise for the investors.
The tokenized bitcoins are in rapid use at BitGo, the cryptocurrency processor. Currently, according to OnChainFX, around $132 billion bitcoins have moved to Etheruem. This makes approximately 0.08% of the total cryptocurrency market share.
The Remarks Of Experts : $60 Million From Bitcoin To Ethereum
Medio Demarco is the co-founder of cryptocurrency research firm Delphi Digital and the former associate of Deutsche Bank. He remarked that this trend would have a positive effect on both the blockchains. The growing demand for using Bitcoins on Ethereum is undoubtedly a sign of growth in the market of cryptocurrency.
For Chan, this usage implies a potential bullish outcome for both networks. Chan also added this is a growth of assets on a decentralized financial system. It is a step towards the maturation of transparent financial services. This result is highly beneficial for Bitcoin. It will be able to collateralize and earn more yield. Thus, there will be an excellent opportunity for users to get incentives when more bitcoins are placed on Ethereum.
On Ethereum, the oldest bitcoin protocol in the token form is Wrapped Bitcoin. After the movement of more than 4,800 BTC to Etherum, in the previous month, Wrapped Bitcoin is said to be responsible for the significant 75% growth. The experts commented that the tremendous growth in the usage of cryptocurrency Bitcoin has ushered a new era in the world of digital investments. Demarco also stated that the addition of tokenized bitcoin as collateral for yield farming would be a potent catalyst.