July “bottom-picking” whale buys 1,400 WBTC—still underwater, yet adds more. What do you think about this move?
When it comes to WBTC, old-timers in the circle are certainly familiar with it—it’s a “wrapped coin” that moves BTC onto Ethereum. It was originally designed so BTC could participate in DeFi. Put simply, 1 WBTC is backed by 1 real BTC, with custody handled by BitGo, and the transparency—at least in theory—should be solid.
But the awkward part is that over the past two years, WBTC has clearly been “neglected”:
- Since wBTC changed its operator, the back-and-forth in-fighting between old and new camps hasn’t stopped
- New narratives like Bitcoin L2s, Bitlayer, and Stacks have diverted a large amount of demand
- “Fresh BTCfi wrappers” from all directions have been rolling out one after another, making WBTC’s moat thinner and thinner
So when a whale picked up 1,400 WBTC at the July low, and is still underwater yet continues to add—either they’re firmly betting on the BTCFi narrative to return, or they’re wagering that WBTC will be reactivated by new protocols.
Questions:
1. Do you still believe in WBTC, or have you already filed it under “a product of the last cycle”?
2. If you were to do BTCFi, would you choose WBTC, tBTC, or another new approach?
#WBTC #BTCFi #Whale movements