Wrapped Bitcoin (WBTC) Is Melting on Ethereum Chain, What's Happening?

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Wrapped Bitcoin (WBTC) Is Melting on Ethereum Chain, What's Happening?
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Total amount of wrapped $BTC on Ethereum drops below 200,000 mark, which could be an important signal

According to the chart shared by Glassnode, the total number of wrapped Bitcoin on the Ethereum chain is still going down heavily, showing that there is no demand for Bitcoin on the network.

The uptrend on the chart prevailed only back in October 2020, when the cryptocurrency market entered a prolonged recovery mode. Though we are seeing the same tendencies today, the amount of wrapped Bitcoins on theAt the end of this rally on the market, numerous analysts and traders assumed that market manipulation was one of the main reasons behind such explosive performance of Bitcoin and other assets.

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