According to data from Cryptoflows, over 70% of tokenized Bitcoin, valued at more than $4.3 billion, has been transferred to Ethereum. This trend highlights the increasing use of Bitcoin within Ethereum's decentralized finance (DeFi) ecosystem.
Other platforms such as Binance Smart Chain, Avalanche, Fantom, and Solana have also seen an influx of tokenized BTC, as they support smart contracting.
Despite the growing demand for DeFi, total value locked (TVL) and decentralized exchange (DEX) volumes have been low and stagnant, possibly due to regulatory decisions and a general trend of decreased activity in the crypto market.
However, some experts believe that Bitcoin could still serve as a safe haven asset and potentially rally by 70% if the United States defaults on its debt.
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