This year, the number of tokenized bitcoins hosted on alternative blockchains like Ethereum, has dropped a great deal. Last January the number of wrapped bitcoin (WBTC) issued on the Ethereum blockchain was around 266,880 WBTC and since then, the number has dropped by more than 15% down to 225,962 WBTC. Similarly, the quantity of tokenized bitcoins minted on the Binance Smart Chain (BSC) dropped quite a bit over the last 11 months as well.

Tokenized Bitcoin Supplies Shrank Significantly During the Last 11 Months

At the time of writing, the two largest tokenized bitcoin (BTC) projects are wrapped bitcoin (WBTC) and the BSC-issued Bitcoin BEP2 otherwise known as BTCB. However, the number of tokenized bitcoins stemming from both projects has dropped a great deal since January.

For instance, the number of BTCB in circulation on Jan. 6, 2022, was around 105,121 BTCB, according to archived coinmarketcap.com stats. Furthermore, BTC was trading for $42,738 per unit on that day, which means BTCB’s market capitalization was around $4.49 billion.

Since then, BTC’s price has shuddered and it’s a long way away from the $42K zone. The number of BTCB in circulation has dropped 49.1% to 53,444 BTCB, according to coinmarketcap.com data recorded on Nov. 25.

At an exchange rate of around $16,504 on Nov. 25, the market cap of BTCB is roughly $882 million. During the last 24 hours, BTCB has seen $3.25 million in global trade volume on a…