TechFlow, June 3 — According to the latest report by Coin Metrics, tokenized Bitcoin is rapidly expanding BTC's utility, with WBTC and cbBTC collectively locking more than 172,000 bitcoins. WBTC remains dominant, holding approximately 129,000 bitcoins (81%), while Coinbase-issued cbBTC is growing quickly, capturing 19% of the market across Ethereum, Base, and Solana blockchains.
Data shows cbBTC is most active on Base, averaging around 7,000 daily active addresses and weekly transfer volumes reaching $40 billion. In DeFi, both tokens have over $7 billion locked in lending protocols such as Aave and Morpho, with WBTC leading Ethereum DEX trading and cbBTC standing out on Base.
Experts note that although tokenized Bitcoin carries varying degrees of centralization risk, it is becoming a key bridge connecting Bitcoin’s store-of-value function with programmable economies.
