TechFlow News — On March 1, Arcane Research released a report estimating that over 400,000 BTC are currently used as collateral in bitcoin-backed loans. Over the past year, the amount of bitcoin used as collateral has more than doubled.
Earlier, according to a recent report by Arcane Research, the amount of bitcoin used as collateral in lending markets could reach 1 million BTC by 2023. The report added that growing popularity of lending markets may drive demand for bitcoin and have a positive impact on its price. It also highlighted bitcoin's increasingly important role in the DeFi space.
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