Despite the decrease, WBTC still dominates

According to coingecko data, WBTC is the 15th largest crypto asset by market valuation. Currently, WBTC has a market cap of $10.50 billion and ERC20 tokens have had a global trading volume of $91.32 million in the last 24 hours. WBTC was first launched on Ethereum in January 2019 and each token is backed by BTC at a 1:1 ratio.
Bitgo is the custodian of the BTC backing these units, and by 2021, the supply of WBTC has crossed the 200,000 mark. As of November 5, 2021, there are approximately 231,659 WBTC in circulation. This weekend, the volume stood at 155,849 WBTC, indicating that 75,810 tokens have been redeemed over the past few years. Recently, this downward trend has continued, with the WBTC volume falling to 161,572 by November 27, 2023, during which 5,723 tokens have been redeemed.