STRICT-Score
Max. Potenzial
3x
Potenzieller Ertrag
Wahrscheinlichkeit
75%
Erfolgschance
Risikoniveau
6/10
Mittleres Risiko
Marktkapitalisierung
$10.90B
Volumen
$86.16M
STRICT-Score Aufschlüsselung
Unser proprietäres Bewertungssystem evaluiert Projekte anhand von 6 Schlüsseldimensionen.
Analyseübersicht
Analyseübersicht
Wrapped Bitcoin (WBTC) is an ERC-20 token backed 1:1 by Bitcoin, enabling BTC holders to access Ethereum DeFi. Launched in 2019 by Kyber, Ren, and BitGo, WBTC has a market cap of $11.2 billion with 125,331 WBTC in circulation as of December 2025. Custody uses a 2-of-3 multisignature model managed by BitGo and BiT Global (a joint venture with jurisdictions in Hong Kong and Singapore). WBTC maintains the largest liquidity among Bitcoin-wrapping solutions, with real-time proof of reserves via Chainlink oracles on most chains, though transparency concerns emerged after removing proof of reserves for WBTC on Tron in late 2024.
Investitionsthese
WBTC serves as the primary bridge for Bitcoin holders seeking DeFi yield opportunities without selling BTC. With over $11 billion in market cap, it remains the most liquid wrapped Bitcoin solution, integrated into major DeFi protocols including Aave, Compound, Curve, and Uniswap. The value proposition is straightforward: maintain Bitcoin exposure while accessing Ethereum-based lending, borrowing, and liquidity provision. However, the investment case has weakened following the 2024 custody restructuring that brought Justin Sun and BiT Global into the joint venture, raising centralization concerns. While WBTC price mirrors BTC 1:1 under normal conditions, the custody risk premium has increased. For pure Bitcoin exposure, holding native BTC is superior. WBTC is best suited for active DeFi users who understand and accept the custodial trade-offs in exchange for capital efficiency.
Wettbewerbsposition
WBTC dominates the wrapped Bitcoin market with 88%+ market share and significantly deeper liquidity than competitors. Main alternatives include tBTC (threshold network, more decentralized but lower liquidity at ~$850M market cap), cbBTC (Coinbase-backed, regulated but centralized, newer entrant), and renBTC (defunct since 2022 after Alameda collapse). WBTC maintains its lead through first-mover advantage and entrenched DeFi integrations, but faces growing competition from tBTC among decentralization-focused users and cbBTC among institutional users seeking regulatory clarity. The 2024 BiT Global partnership damaged WBTC's trust profile, creating an opening for competitors. Long-term competitive position depends on maintaining transparent proof of reserves and avoiding custody incidents.
Fazit
WBTC remains the dominant wrapped Bitcoin solution with unmatched liquidity and DeFi integration, but custody centralization risks increased following the 2024 BiT Global partnership. For users already holding WBTC in DeFi positions, maintaining exposure is reasonable given deep liquidity. New users should consider decentralized alternatives like tBTC or simply holding native BTC unless DeFi access is specifically required. The removal of proof of reserves for WBTC on Tron signals concerning transparency regression. Price performance will mirror Bitcoin, but custody risk creates asymmetric downside (depeg to zero) versus limited upside (maintains 1:1 peg). WBTC serves a functional purpose for active DeFi users but is not a pure Bitcoin substitute.
Stärken
- Dominant market position with $11.2B market cap and deepest liquidity among wrapped Bitcoin solutions
- Extensive DeFi integration across 300+ protocols including Aave, Compound, Curve, and Uniswap
- Real-time proof of reserves via Chainlink oracles providing on-chain verification (except Tron)
- Multi-jurisdictional custody across US, Hong Kong, and Singapore providing geographic diversification
- Continuous operation since 2019 with proven 1:1 backing track record
Risiken
- Centralized custody model creates single point of failure despite 2-of-3 multisig
- Justin Sun/BiT Global partnership in 2024 raised centralization and transparency concerns
- Proof of reserves removed for WBTC on Tron, undermining transparency commitments
- Smart contract risk across multiple chains (Ethereum, Base, Kava, Osmosis)
- Depeg risk if custodial BTC is compromised, frozen, or mismanaged
- Regulatory uncertainty from multi-jurisdictional custody structure
- Competition from decentralized alternatives (tBTC) and exchange-backed options (cbBTC)
Kommende Katalysatoren
Ethereum Layer 2 expansion driving WBTC integration on Base, Arbitrum, Optimism
Zeitrahmen: Q1-Q2 2025
DeFi protocol TVL growth increasing demand for BTC-backed collateral
Zeitrahmen: Q1 2025
Bitcoin ETF flows creating indirect demand for wrapped BTC in DeFi
Zeitrahmen: Ongoing 2025
STRICT-Score
Bewertung: 72/100 | Potenzial: 3x
Verwandte im gleichen Sektor - Wrapped Token
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Haftungsausschluss: Diese Analyse dient nur zu Informationszwecken und sollte nicht als Finanzberatung betrachtet werden. Führen Sie immer Ihre eigene Recherche durch, bevor Sie Anlageentscheidungen treffen. Investitionen in Kryptowährungen sind volatil und mit erheblichen Risiken verbunden.