Wrapped Bitcoin’s (WBTC) supply on Ethereum shrunk by 23,384 — roughly 15% — to 153,164 in February — its lowest level since March 2021, according to Dune analytics data.

According to the asset’s order book, there were ten transactions involving WBTC — eight were burns, while the other two transactions were a cumulative mint of 798.72 WBTC by imToken.

Bankrupt crypto lender Celsius — a major WBTC whale — was responsible for a huge volume of the burns. The firm burnt 22,732 WBTC (worth $533 million) in 2 days via FalconX.

(By Oluwapelumi Adejumo)

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