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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.
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