Coinbase Wrapped BTC (cbBTC) Surges Past 46,000 Coins with $4.7 Billion Market Cap, Capturing 25.1% of Wrapped Bitcoin Market

According to recent data from Dune Analytics, the circulating supply of Coinbase Wrapped BTC (cbBTC) has surpassed 46,000 coins, marking a significant increase of over 13,000 coins within the last month. This growth underscores Coinbase’s expanding footprint in the wrapped Bitcoin market. Currently, cbBTC holds a market capitalization near $4.725 billion, securing a 25.1% market share. This positions cbBTC as the second-largest wrapped Bitcoin token, trailing only behind wBTC, which commands a dominant 70.2% share. The steady rise in cbBTC supply and market cap reflects growing investor confidence and adoption of Coinbase’s wrapped Bitcoin solution within the decentralized finance ecosystem.