Wrapped Bitcoin (WBTC) saw 326 tokens withdrawn from exchanges in a single day, marking the largest net exchange outflow since early June, according to Santiment. The transfer reduced the supply of WBTC immediately available on trading platforms. The outflows come as Bitcoin trades through a “risk-heavy stretch,” though the withdrawals could signal a positive development for crypto market recovery. WBTC remains the largest tokenized version of Bitcoin with a market capitalization of approximately $7.6 billion, facing growing competition from Coinbase’s cbBTC and Circle’s newly launched cirBTC.
Wrapped Bitcoin (WBTC) experienced its largest single-day net exchange outflow since early June, with 326 tokens withdrawn from trading platforms according to data from Santiment. This transfer reduced the amount of WBTC immediately available on exchanges.
The outflows occur as Bitcoin continues trading through a “risk-heavy stretch,” as Santiment stated in its findings. The crypto asset briefly climbed to $65,000 on Wednesday, though market pressure from geopolitical tensions and ETF flow swings persists.
Santiment commented, “Wrapped Bitcoin’s 6-week high exchange outflows provide more good news to crypto’s rebound.”
WBTC launched in 2019 through a joint initiative by BitGo, Kyber Network, and Ren. It remains the largest tokenized version of Bitcoin with a market capitalization of approximately $7.6 billion. Coinbase entered the space with cbBTC in 2024, which has grown to nearly $6 billion in market value. This space has become increasingly competitive in 2026.
Last month, stablecoin issuer Circle expanded the market by launching cirBTC on Ethereum.
Regarding Bitcoin’s price, the asset moved higher after the latest US inflation report came in cooler than expected. Consumer prices fell 0.4% in June, bringing annual inflation to 3.5%, while economists had expected a 0.2% monthly decline and a 3.8% annual rate.
Analysts at Bitfinex said Bitcoin is approaching what has historically been the final stage of its typical bear market period. BTC often spends five to six months trading below the Short-Term Holder Realized Price before entering a broader recovery, with July identified as the fifth month of the current cycle.
The analysts warned that history alone does not guarantee a recovery. While July has traditionally been a favorable month for Bitcoin, broader macroeconomic conditions will also play a crucial role.
