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Despite being the most valuable asset in crypto, BTC has long been one of the least used onchain.
While ~23% of ETH supply is active in DeFi, less than 2% of BTC is, according to Bitcoin Layers. That gap isn’t closing overnight — but it is closing. Since a substantial dip last fall, the supply of wrapped Bitcoins has been growing again, with the past three months showing the clearest momentum so far.
What’s more surprising is where the assets are being used. The biggest inflows haven’t landed on chains more actively leaning into Bitcoin integration or promoting themselves as dedicated BTCfi layers; the coins are flowing elsewhere to ecosystems that are easier to use, better integrated, and more liquid.
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