The value of Bitcoin locked in Ethereum is nearly $5 billion, reaching a new all-time high

According to BlockBeats, on January 7, according to OKLink data, more than 136,000 bitcoins are now locked on Ethereum, worth $4.9 billion, a record high. The bitcoin locked on Ethereum is actually down 10% from its peak in mid-November, as bitcoin holders sold for profit after a sharp rise.

Bitcoin’s price increase has far outpaced the rate of withdrawal from the Ethereum blockchain, adding more value to DeFi applications. But this is not because more and more Bitcoin has flowed into the DeFi space. In fact, the number of locked Bitcoins is at its lowest level since September last year. The root cause of the value drift is that Bitcoin’s price has risen, while some Bitcoins are still locked in Ethereum. If Bitcoin continues to soar, this trend is likely to continue.

In mid-November 2020, the number of Bitcoin locked in Ethereum reached an all-time high of nearly 152,000, when the price of Bitcoin was $16,150, worth approximately $2.5 billion.