Nearly $60 million worth of bitcoins moved to Ethereum during June, according to data estimates from Dune Analytics.
Wrapped Bitcoin, the oldest tokenized bitcoin protocol on Ethereum, is responsible for roughly 75 percent of that growth after moving more than 4,800 BTC to Ethereum last month.
Demand has increased for using bitcoin in a variety of decentralized financial services as Ethereum continues to be the most popular off-chain destination for bitcoins.
More specifically, yield farming and MakerDAO adding tokenized bitcoin as collateral are likely strong catalysts, said Medio Demarco, former associate at Deutsche Bank and co-founder of cryptocurrency research firm Delphi Digital.
“The recent trend shouldn’t come as a surprise and will probably continue,” Demarco told CoinDesk.
Currently $132 million worth of bitcoin is on Ethereum, at the time of publication, or roughly 0.08% of the leading cryptocurrency’s market capitalization, according to OnChainFX.
Bitcoin, Ethere and Ethereum largely account for 90 percent of crypto trading, so far in 2020.