Coinbase has introduced cbBTC – Coinbase Wrapped BTC – an ERC20 token fully backed 1:1 by Bitcoin (BTC) held by Coinbase. This wrapped Bitcoin token provides users with a convenient way to access BTC liquidity on Ethereum and Base chains, with plans to expand support across additional chains in the future.

This analysis focuses on the movement of cbBTC, covering both inflow (minting of new tokens) and outflow (burning of tokens), providing insights into the token's issuance and redemption activities. Additionally, the analysis highlights cbBTC's trading activity across various decentralized exchanges (DEXes), including Uniswap V2 and Uniswap V3 on Ethereum and Base, as well as Aerodrome and DackieSwap on the Base chain.