- On August 19, the whale acquired 347 Wrapped Bitcoin (WBTC) in just 12 hours.
- BitGo plans to transfer control of WBTC to a joint venture consisting of itself, BiT Global, and the Tron ecosystem.
- Coinbase has hinted that it will launch its own wrapped Bitcoin token, called “cbBTC.”
An unknown whale is rapidly accumulating Wrapped Bitcoin (WBTC), amassing over $118 million worth of WBTC in a short period of time.
According to data from blockchain analytics firm Lookonchain, the unknown wallet collected a total of 1,953 WBTC at an average price of $58,853 per token.
One recent transaction was particularly eye-catching, with a whale acquiring 347 WBTC worth approximately $16 million in just 12 hours on August 19.
A whale totals 347 $WBTC($16M) 7 hours ago Again!
Over the past week, this whale has racked up a total of 1,953 $WBTC($118 million) from #binance The average price is $58,853. pic.twitter.com/g1KRtkK5eY
— Lookonchain (@lookonchain) August 20, 2024
This sudden and significant accumulation is cause for concern, especially since it coincides with the ongoing debate and controversy surrounding WBTC’s ownership and management.
BitGo plans to transfer control of Wrapped Bitcoin (WBTC)
The controversy began earlier this month when BitGo, the company responsible for issuing WBTC, announced plans to transfer control of the token to a joint venture comprised of the company, Hong Kong investment management firm BiT Global and Sun’s Tron ecosystem. The decision has drawn intense scrutiny and concern from major DeFi players.
In response, leading decentralized finance protocol MakerDAO moved quickly to mitigate potential risks associated with WBTC. On August 16, the platform approved a proposal to ban lending with WBTC collateral on its Sparklend platform.
Likewise, Aave, another major DeFi protocol, is reportedly considering adopting TBTC, an alternative wrapped Bitcoin token offered by Threshold Network.
Rumors of Coinbase entering the market
Amid these developments, there has been widespread speculation that Coinbase may enter the crypto-Bitcoin market. The U.S.-based cryptocurrency exchange hinted that it will launch its own wrapped Bitcoin token, called “cbBTC,” which could further shake up the market.
In light of these industry shifts, the active accumulation of WBTC by mystery whales adds new intrigue to the ongoing narrative in the cryptocurrency space.
