Supply for Wrapped BTC Records a Major Plunge, Moves Down by 35%

At the time of writing, the trading price of Bitcoin (BTC) is worth around $16,787.57. Given the performance of BTC in the past few weeks, it is a strong trading level for digital assets.

In the past 24 hours, the trading price of Bitcoin has recorded a 0.41% surge. Although the surge is very small, still, it is good enough for the investors to give them confidence that the asset is moving higher.

Despite the surge in the past 24 hours, the value of the asset is experiencing a dip in the past 7 days. The data from CoinMarketCap shows that the value of the asset has dipped 2.34% in the past 7 days.


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Valuation of Bitcoin and Wrapped Bitcoin

At present, the overall valuation of Bitcoin stands at around $323 billion. The total circulating supply for Bitcoin is currently sitting at 19,238,512 BTC.

On the other hand, the trading value of the Wrapped Bitcoin (WBTC) is also hovering around the same level as Bitcoin.

WBTC’s Valuation has declined

Unfortunately, the WBTC has not been able to keep its overall valuation intact. At the time of writing, the overall valuation of WBTC is at a low of $3.11 billion.

The reason behind the decline in the overall valuation of the WBTC is the circulating supply of the token. The circulating supply for the token has continued declining.

At the time of writing, the overall circulating supply for WBTC stands at 186,010.

Peak Circulating Supply of WBTC

A look at the data for WBTC shows that the highest circulating supply WBTC has hit in the year 2022 is 286,000. It clearly suggests that the overall circulating supply of the WBTC tokens has plunged tremendously.

The data shows from the all-time high for the running year to the present, the overall circulating supply for WBTC has dipped by 35%.

Performance of Bitcoin


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Despite experiencing a few surges here and there, the overall performance of Bitcoin has remained in the bearish zone.

The asset has not recorded any significant gains. This is the reason why the trading price of Bitcoin is trading below the moving averages.

Whether it is the 20-day EMA line or the 9-day EMA line, Bitcoin’s current trading price is below particular levels.

RSI is Moving Downstream

If the bulls were looking for some sort of inspiration from the technical factors, the very first and highly prioritized factor, RSI would let them down.

The RSI which provides direction to investors when trading an asset is also moving in the negative territory. The RSI is constantly taking the downslope, a bad sign for the bulls.

The RSI’s negative movement is providing confidence to the bears as they will work harder to pull the BTC price lower.

Backed by the RSI, the bears may not let the bulls form even the smallest of rallies. Whenever a rally is formed, the RSI starts rushing to the “overbought” level.

This is a clear indication that the sentiments of the market are currently supporting the bearish movements. Any attempt that the bulls make may get intercepted by the bears with stronger selling sentiments.


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The bears may not let the bulls attempt a single rally and may continue pulling BTC’s price lower.

The bulls have to wait

The bulls have to realize that the bears are not sitting still as they are trying to sell BTC on a large scale. However, the buying sentiments at certain levels get triggered, causing the bears to withdraw.

The bears then regain their strength and launch another counter only to be pushed back by the bulls. It is important to understand that a loop has been formed, which is acting as a deadlock.

If the bulls want to break it, they will need to let the bears pull BTC lower. As the RSI comes close to the “overselling” zone, the selling may stop.

This would grant the bulls an opportunity to form strong rallies while the bears catch their breath. This would eventually help push the trading price of BTC over the $17,000 level for good.


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