# WBTC vs cbBTC: Wrapped Bitcoin Market Share

> WBTC vs cbBTC and tBTC, month by month: each wrapped bitcoin token's supply and market share by chain, with net mints, burns and the DeFi markets that use it.

Markdown copy of https://voltfincrypto.com/apps/wbtc-vs-cbbtc-market-share

**Question:** Which wrapped Bitcoin token is gaining share, and on which chains?

- Kind: Report in Voltfin Folio
- Topic: [Bitcoin](https://voltfincrypto.com/topics/bitcoin)
- Chains: Multi-chain, Ethereum, Base, Arbitrum
- Status: Planned. The data is not published yet, so this page states no figure; each figure will open its receipt when it is.

This report shows, month by month, which wrapped bitcoin token is gaining share and on which chains: it compares the native supply of WBTC, cbBTC, tBTC and the other wrapped BTC tokens on each chain at the month's last block and shows how each token's share of the total changed. Every amount is read from the token contracts, so each share can be traced to a block.

Share moves for reasons the chain shows only in part. Mints and burns show issuers creating and redeeming tokens, and deposits in lending markets and pools show where the supply is used. Custody changes, listings and collateral decisions happen off-chain and are cited from their public announcements, kept clearly apart from the on-chain figures.

## Blueprint

### The month in one paragraph

Total native wrapped BTC supply at month end, which tokens gained or lost share and on which chains the change happened.

Cites: Total wrapped BTC supply; Share by token; Change in share over the month.

### Token by token

WBTC, cbBTC, tBTC and every other tracked token with its supply, share, net minting over the month and holders.

Cites: Supply per token; Net minted or burned per token; Holders per token.

### Chain by chain

Each chain's native wrapped BTC supply and the tokens that make it up, with bridged copies shown apart.

Cites: Native supply per chain; Token mix per chain; Bridged copies per chain.

### Where the supply is used

How much of each token sits in lending markets and DEX pools at month end, and which markets accept each token as collateral.

Cites: Supply in lending markets; Supply in DEX pools.

### What moved share

Custody changes, collateral decisions and launches that coincided with the month's mints and burns, each cited to its public source.

## How it will be measured

- Supply is each token's totalSupply() at the month's last block on every covered chain, with native issuance and bridged copies kept apart so no bitcoin is counted twice.
- Market share divides each token's native supply by the total native supply of all tracked wrapped BTC tokens on the same chains at the same blocks.
- Mints and burns are Transfer events from and to the zero address over the month, by token and chain.
- DeFi use is the supply held by tracked lending markets and DEX pools at month end, from their balances at the same blocks.
- Explanations for a change cite their public source and date; the report never infers motives from flows alone.

## Data it needs

- `token_supply_daily` (to build): Total supply of each registry token on each chain at day end: wrapped BTC, liquid staking tokens, tokenized assets and other tracked tokens.
- `token_transfers_daily` (to build): ERC-20 and native transfer counts, volume and unique senders and receivers per token per chain per day.
- `token_holders_snapshot` (to build): Holder counts, top holders and concentration shares of registry tokens at a pinned block, with contract and exchange labels.
- `defi_tvl_daily` (to build): Assets deposited in DeFi protocols per protocol, chain and asset at day end, valued with oracle prices, never double counting receipt tokens.
- Source: totalSupply() of WBTC, cbBTC, tBTC and the other registry tokens at each chain's last block of the month
- Source: ERC-20 Transfer logs from and to the zero address, by token and chain
- Source: Balances of tracked lending markets and DEX pools in each token at month end
- Source: Issuer and protocol announcements on custody and collateral changes, recorded with their source and date

## Questions

### What is the difference between WBTC and cbBTC?

Both are tokens backed by bitcoin held off their chain. WBTC is minted through merchants and held by its custodians; cbBTC is issued by Coinbase against bitcoin in its custody. They differ in who holds the bitcoin, how redemption works and which chains they are issued on.

### Why does a wrapped bitcoin token lose market share?

Its supply falls when holders redeem tokens for bitcoin faster than new ones are minted, or grows more slowly than its rivals. That can follow a change in custody, a lending market changing which tokens it accepts as collateral or a new token offering a different trust model. The report shows the burns and cites the announcements behind them.

### What is tBTC?

A wrapped bitcoin token from the Threshold network, backed by bitcoin held in wallets controlled by a rotating group of signers using threshold cryptography rather than by a single custodian. Minting and redemption run through those signer wallets on Bitcoin, which the chain records.

### Which chains have the most wrapped bitcoin?

The report lists each chain's native wrapped BTC supply at month end, token by token, so the month's order of chains comes straight from the contract reads rather than from a quoted ranking. Bridged copies appear in their own column and are not added to the totals.

## Glossary

- **Market share**: A token's native supply as a share of all tracked wrapped BTC native supply on the covered chains at the same blocks.
- **Net minting**: Tokens minted minus tokens burned over a period, from Transfer events from and to the zero address.
- **Bridged copy**: A token minted on one chain against the same token locked in a bridge elsewhere, left out of totals so that no bitcoin counts twice.

## Related apps

- [Wrapped Bitcoin Supply by Chain and Issuer](https://voltfincrypto.com/apps/wrapped-bitcoin-supply-by-chain)
- [Bridged Token Backing: Locked vs Minted Supply](https://voltfincrypto.com/apps/bridged-token-backing)
- [Proof of Reserves Tracker: Exchange Wallet Balances](https://voltfincrypto.com/apps/proof-of-reserves-tracker)
- [Lombard LBTC: Supply by Chain, Bitcoin Reserves and Babylon Stake](https://voltfincrypto.com/apps/lombard-lbtc-tracker)
- [Solv SolvBTC: Supply by Chain, Reserves and xSolvBTC Yield](https://voltfincrypto.com/apps/solv-solvbtc-reserves)
- [Bitcoin DeFi Lending: WBTC and cbBTC on Aave and Morpho](https://voltfincrypto.com/apps/btc-defi-lending-wbtc-cbbtc)

Build it in Voltfin Studio: https://app.voltfincrypto.com/signup?next=%2F