Bitcoin Supply Locked In DeFi Reaches 1% Amid Rising Demand For cbBTC

According to Odaily, IntoTheBlock has reported that 1% of Bitcoin's supply is now locked in decentralized finance (DeFi) platforms. This milestone is attributed to the increasing demand for Coinbase's newly launched Bitcoin-pegged token, cbBTC, and the overall yield potential of Bitcoin. The growing interest in cbBTC and the attractive returns offered by Bitcoin in DeFi have contributed significantly to this development. As more investors seek to leverage their Bitcoin holdings within the DeFi ecosystem, the amount of Bitcoin locked in these platforms continues to rise. This trend highlights the expanding role of Bitcoin in the decentralized finance space and its potential for generating yield. The integration of Bitcoin into DeFi platforms is seen as a positive development for the cryptocurrency market, providing new opportunities for investors and enhancing the utility of Bitcoin beyond its traditional use as a store of value. As the demand for cbBTC and other Bitcoin-related DeFi products grows, it is expected that the percentage of Bitcoin supply locked in DeFi will continue to increase.