An anonymous whale has been acquiring Wrapped Bitcoin (WBTC), collecting more than $118 million worth of WBTC within a brief period. The whale has accumulated a total of 1,953 WBTC, acquired at an average cost of $58,853 per coin.
The last transaction involved the purchasing of 347 WBTC, which was valued at almost $16 million. This transaction took place within a span of under 12 hours on August 19.
The sudden and substantial increase in accumulation has caused concern, particularly because it aligns with the existing discussions and disputes regarding the ownership and administration of WBTC.
BitGo’s intention to shift governance of WBTC to a collaborative effort combining itself, BiT Global, an investment management based in Hong Kong, and Sun’s Tron ecosystem has triggered increased scrutiny and apprehension among prominent DeFi participants.
MakerDAO, a prominent decentralized finance protocol, has authorized a proposal that forbids borrowing using WBTC collateral on its Sparklend platform.
Aave, a prominent DeFi protocol, is contemplating the incorporation of an alternative token called TBTC, provided by Threshold Network, which represents wrapped Bitcoin. Coinbase’s possible involvement in the wrapped Bitcoin market, known as “cbBTC,” has the potential to significantly disrupt the market.
