Bubble
Wrapped Bitcoin WBTC
Wrapped Bitcoin (WBTC) was trading at $63,738.33, ranked #19 by market cap at $7.40B, with 24h volume of $67.35M.
Data snapshot: 2026-08-03 09:00 UTC.
WBTC bridges Bitcoin into Ethereum's DeFi ecosystem — each token is backed 1:1 by real BTC held by a regulated custodian, with minting and burning overseen by a DAO of merchants and custodians. It lets BTC holders use lending markets, DEXs and yield protocols built for ERC-20 tokens without ever giving up direct Bitcoin exposure, making it one of the most widely integrated bridged assets in DeFi. WBTC brings bitcoin to Ethereum by having a custodian hold BTC and issue an equivalent ERC-20 token, which is what allows BTC to be used as collateral in Ethereum lending markets. The entire construction rests on that custodian: if the reserves are not there, the token is not worth a bitcoin. Changes to WBTC's custody arrangements have previously prompted lending protocols to reduce their exposure, which is a useful precedent — custodial wrappers carry governance and counterparty risk that the underlying asset does not.
What backs WBTC?
Bitcoin held by a custodian, with the token issued against it on Ethereum. Its value depends entirely on those reserves being present and redeemable.
Why not just use BTC?
Bitcoin's own chain does not support Ethereum's smart contracts. Wrapping is what allows BTC to be used as collateral in Ethereum-based lending and trading.
What is the main risk with Wrapped Bitcoin?
Custodial and governance risk. If the custody arrangement changes or fails, the token can stop tracking bitcoin regardless of what BTC itself does.
Should WBTC be added to Bitcoin's market cap?
No. Each WBTC is backed by a BTC already counted in Bitcoin's supply.
Market cap decides how big a bubble is drawn, so rank is what places WBTC on the map relative to the rest of its sector.
| Rank | Coin | Market cap |
|---|---|---|
| #10 | Lido Staked Ether (STETH) | $17.52B |
| #17 | Wrapped stETH (WSTETH) | $8.50B |
| #19 | Wrapped Bitcoin (WBTC) | $7.40B |
| #21 | Wrapped Beacon ETH (WBETH) | $6.91B |
| #25 | Coinbase Wrapped BTC (CBBTC) | $6.12B |