Coinbase has announced that it will be removing wrapped bitcoin (WBTC) from its platform on December 19, 2024. Since the announcement, the supply of WBTC has significantly contracted, with a reduction of 5,844 coins. A transaction monitoring website also flagged a WBTC burn transaction of 5,182.34 coins. This burn is significant, representing over half a billion dollars in USD value. Despite the controversy surrounding WBTC, Coinbase has launched its own wrapped bitcoin derivative, and its adoption has been increasing. WBTC faces competition from other options such as BTCB and cbBTC in the wrapped bitcoin space. The ongoing competition between newer derivatives and established giants like WBTC is shaping the crypto sector.



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