$BTC Supply on Solana Up 74% in 2025, Pushing Market Cap Beyond $760M

Bitcoin, long celebrated as the pioneering force behind cryptocurrency, is experiencing a dynamic resurgence within Solana’s rapidly expanding DeFi landscape. By leveraging wrapped $BTC tokens, Solana’s blockchain is reshaping how Bitcoin interacts with decentralized finance, bringing greater speed, efficiency, and lower costs to traditional Bitcoin holders.

Solana’s Growing Appetite for Wrapped $BTC

Since July 2023, the supply of wrapped Bitcoin tokens on Solana has demonstrated remarkable growth, reflecting a burgeoning demand among DeFi users seeking to leverage Bitcoin's value within Solana’s ecosystem. 

Based on Flipside data, the most notable spike occurred in January 2025, with an impressive monthly increase of 1,668 tokens. However, the trajectory hasn’t been entirely linear; April 2025 saw the sharpest monthly decrease, shedding 633.2 tokens, temporarily reducing the total supply to around 6,428.

Yet, this downtrend was short-lived. In the first five days of June alone, wrapped $BTC supply surged by 937 tokens—a striking 14.6% increase—pushing the total supply beyond 7,315 tokens. Given Bitcoin’s current valuation near $104,000, the total wrapped $BTC on Solana now boasts a market value surpassing $760 million.

Dominant Players: $WBTC and $cbBTC

At the forefront of this DeFi evolution are $WBTC and Coinbase’s $cbBTC. $WBTC, introduced by BitGo, maintains its position as the largest wrapped Bitcoin token on Solana, boasting a supply exceeding 3,654 tokens valued at roughly $380 million.

Yet, Coinbase’s $cbBTC is swiftly closing the gap. Introduced in November 2024, $cbBTC has experienced rapid adoption, now holding over 3,330 tokens. Its value exceeds $346 million, capturing more than 45.5% of Solana’s wrapped $BTC market share, placing it in intense competition with the industry stalwart, $WBTC.

Emerging Contenders: $zBTC, $tBTC, and $21BTC

Alongside the industry giants, newer entrants have also sought to carve out their own niches. Zeus Network’s $zBTC has quickly risen to prominence, achieving a notable supply of 256 tokens, solidly establishing itself as the third-largest wrapped $BTC token on Solana.

Meanwhile, $tBTC—once a serious contender to $WBTC in late 2023—has seen its presence diminish, now accounting for just 63.7 tokens in circulation. Likewise, $21BTC, launched by 21.co, has yet to gain meaningful traction, with its supply currently limited to only 10.3 tokens.

Recent Market Dynamics

The past month has highlighted contrasting fortunes among wrapped $BTC tokens on Solana. $cbBTC notably led the charge, adding over 538 tokens, followed by $WBTC, which expanded its supply by 329.4 tokens. $zBTC also recorded steady growth, adding over 43 tokens. Conversely, $tBTC’s presence diminished slightly, losing 2.62 tokens during the same period.

A Rising Tide of Holders

The adoption of these wrapped tokens is reflected clearly in wallet holdings. $WBTC’s holder base has impressively expanded to more than 53,600 wallets—nearly doubling since January 2025. Likewise, $cbBTC has witnessed significant growth, now held by over 29,400 wallets, experiencing an 8.3% increase from April to May alone. Not to be overlooked, $zBTC has surged dramatically, increasing wallet holders by 76% in May, now held by over 2,480 wallets.

Accelerating Trading Volumes

Swap volume for these tokens has also escalated dramatically. In November, DEX trading volume for wrapped $BTC tokens surged past $2.2 billion, marking a 4.5-fold increase from October. $cbBTC’s introduction has significantly bolstered these volumes, notably achieving over $1.4 billion in trades in March, capturing an impressive 44% share of the total monthly swap volume.

Meanwhile, $zBTC has consistently contributed substantial volumes, averaging around $135 million per month through April and May, roughly representing 4.5% of total monthly trades.

Expanding Utility and Ecosystem Integration

The utility of these tokens is further highlighted by their integration with various Solana programs.
Over the past 30 days, $WBTC interacted with an impressive 329 programs, leading the pack. $cbBTC followed closely, engaging with 247 programs, and the recently introduced $zBTC, despite its relative novelty, integrated with 178 programs, demonstrating rapid adoption and utility. In comparison, $tBTC and $21BTC interacted with 87 and 56 programs respectively, underscoring their niche but persistent ecosystem presence.

Looking Forward

Wrapped $BTC tokens on Solana are undeniably reshaping Bitcoin’s DeFi narrative. As these tokens continue to grow and evolve, they promise to unlock new dimensions of utility and adoption for Bitcoin, further cementing Solana’s role as a vibrant hub for decentralized finance innovation.

Stay tuned for further insights into how these platforms evolve and shape the future of DeFi trading on Solana.
This piece is part of our Solana Data Insights series. Make sure to subscribe to Solana Data Insights for weekly onchain analysis.

Read More on SolanaFloor

Pump.fun’s Creator Revenue Sharing: Reality vs. Hype