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Staggering $510,000,000 in Bitcoin Injected Into Ethereum DeFi in Just One Month

September 12, 2020

The decentralized finance (DeFi) sector has now seen investors pour more than half a billion dollars into Bitcoin-pegged assets in a single month.

The DeFi analytics and rankings hub DeFi Pulse shows that the amount of Bitcoin locked in Wrapped BTC (WBTC) soared from 16,472 on August 10th to 49,421 on September 10th, representing an increase of over 200% in about a month.

In addition, DeFi Pulse also shows that the amount of BTC held in the DeFi protocol RenVM has surged from 2,570 to 18,731 over the same stretch.

In total, 49,110 BTC worth over $510 million has been injected into DeFi in just 30 days as Bitcoin trades around $10,385 at time of writing, according to CoinMarketCap.

The skyrocketing amount of BTC being held in DeFi comes as investors continue to flood the sector with liquidity.

On September 2nd, the total value locked in DeFi rose to an all-time high of $9.6 billion. As of writing, the market cap of the entire nascent sector stands at $16.35 billion, according to DeFiMarketCap.

Meanwhile, RenVM continues to make a name for itself among the DeFi crowd as renBTC gains ground against Wrapped BTC (WBTC) on the way to becoming the second most preferred avenue to funnel BTC into Ethereum. The substantial increase highlights that BTC investors are bullish on the sector and are itching to get some skin in the DeFi game.

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Vladimir Kazakov