In May 2026, the number of active addresses on the Wrapped Bitcoin (WBTC) network dropped sharply to just 2,134, marking the lowest level seen since the start of the year. This figure, calculated usin...

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<p>In May 2026, the number of active addresses on the Wrapped Bitcoin (WBTC) network dropped sharply to just 2,134, marking the lowest level seen since the start of the year. This figure, calculated using a seven-day moving average by CryptoQuant’s on-chain analysis, highlights a significant decline in activity on the Ethereum-based version of Bitcoin.</p>
<adv/><h2>DeFi activity slows to a crawl</h2>
<p>WBTC serves as a popular bridge token bringing Bitcoin liquidity into the Ethereum ecosystem, especially for use in decentralized finance (DeFi) applications. Investors typically transfer WBTC to lend, provide liquidity, or use as collateral within DeFi protocols. However, the exceptionally low number of active WBTC addresses in May reflects a marked slowdown in transactions and transfers across DeFi platforms.</p>
<adv/><p>Analysis points out that no major incident, security breach, or unexpected event directly triggered this drop. Instead, market participants have adopted a wait-and-see stance, causing WBTC transfers and engagement in DeFi to grind almost to a halt.</p>
<p>Glossary: Wrapped Bitcoin (WBTC) is an Ethereum-based token representing Bitcoin and built according to the ERC-20 standard. It makes Bitcoin accessible within DeFi and Ethereum-based applications, while the original Bitcoin is held securely as collateral.</p>
<blockquote>
<p>According to CryptoQuant’s analysis, “Investors are no longer actively transferring WBTC to generate yield, provide liquidity, or post collateral. Activity in DeFi has dropped to its lowest level in a year.”</p>
</blockquote>
<h2>Sharp reversal after February spike</h2>
<p>After a steady start to the year, WBTC activity briefly surged in early February. During the first week of February, the number of active addresses approached 5,400. This uptick proved short-lived; over the following weeks, transaction volumes dropped quickly. By March, figures had settled between 2,800 and 3,000 before declining even further in April.</p>
<p>Analysts explain that February’s sharp increase was not a precursor to a sustainable recovery. They commented that while the movement suggested the start of positive momentum, activity failed to maintain those levels, swiftly sinking back to yearly lows.</p>
<h2>Liquidity exits both CEX and DeFi</h2>
<p>Not only have DeFi metrics declined, but centralized exchanges have also seen notable developments. According to CryptoQuant data, there has been growing spot sell pressure for <span>$BTC</span> on Binance, with substantial amounts of Bitcoin leaving the exchange. At the same time, net flows of stablecoins have turned negative, signaling shrinking buying power.</p>
<p>Binance’s 30-day moving average data revealed a surge of <span>$BTC</span> inflows in February and March as prices sought to recover. However, intense selling activity kept markets under pressure, and stablecoin balances continued to fall, reducing potential demand on exchanges.</p>
<div><div><span/></div><div><div><table>
<thead>
<tr>
<th>Indicator</th>
<th>February 2026</th>
<th>May 2026</th>
</tr>
</thead>
<tbody>
<tr>
<td>WBTC Active Addresses (7-Day MA)</td>
<td>Approx. 5,400</td>
<td>2,134</td>
</tr>
<tr>
<td>Binance <span>$BTC</span> Net Flows</td>
<td>Low</td>
<td>High inflows (selling pressure)</td>
</tr>
<tr>
<td>Stablecoin Net Flows</td>
<td>Low</td>
<td>Negative (decline)</td>
</tr>
</tbody>
</table></div></div></div>
<p>Analysts note an outflow of liquidity from both decentralized and centralized platforms, with no sign yet of new capital entering markets to trigger a renewed buying wave. The report highlights two crucial signals for a potential reversal: a recovery in active WBTC addresses or large-scale fresh stablecoin issuances entering exchanges. As of May 21, neither of these conditions has been met.</p>
<p>The overall picture shows a decline in risk appetite across both centralized and decentralized sectors of the crypto market. Investors remain on the sidelines, and markets are waiting for a new catalyst to restore meaningful momentum.</p>

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Wrapped bitcoin active addresses plunge to 2,134 in May

2026年5月， Wrapped Bitcoin (WBTC) 網路上的活躍位址數量急劇下降至僅2134個，創下年初以來的最低水準。該數據是根據……計算得出的。

<div><div><p>2026年5月， Wrapped Bitcoin (WBTC) 網絡上的活躍地址數量驟降至僅2134個，創下年初以來的最低水平。該數據由CryptoQuant的鏈上分析採用七日移動平均值計算得出，凸顯了基於以太坊的比特幣版本WBTC活躍度的顯著下降。</p><adv/><h2> DeFi活動大幅放緩</h2><p>WBTC 是一種流行的橋樑代幣，它將比特幣的流動性引入以太坊生態系統，尤其是在去中心化金融 (DeFi) 應用中。投資者通常會將 WBTC 轉賬用於借貸、提供流動性或作為 DeFi 協議中的抵押品。然而，5 月份 WBTC 活躍地址數量的異常低迷反映出 DeFi 平臺之間的交易和轉賬明顯放緩。</p><adv/><p>分析指出，此次下跌並非由重大事件、安全漏洞或意外情況直接引發。相反，市場參與者採取了觀望態度，導致WBTC轉賬和DeFi活動幾乎停滯。</p><p>術語表： Wrapped Bitcoin (WBTC) 是一種基於以太坊的代幣，代表比特幣，並按照 ERC-20 標準構建。它使比特幣能夠在 DeFi 和基於以太坊的應用程序中使用，而原始比特幣則作為抵押品安全地保存。</p><blockquote><p>根據 CryptoQuant 的分析，“投資者不再積極轉移 WBTC 來獲取收益、提供流動性或進行抵押。DeFi 領域的活躍度已降至一年來的最低水平。”</p></blockquote><h2>二月份的飆升之後出現了急劇逆轉。</h2><p>今年年初WBTC交易活動較為穩定，但在2月初出現短暫激增。2月第一週，活躍地址數接近5400個。然而，這一增長勢頭曇花一現；接下來的幾周，交易量迅速下降。到3月份，活躍地址數穩定在2800至3000個之間，並在4月份進一步下滑。</p><p>分析人士解釋說，2月份的急劇增長並非可持續復甦的先兆。他們指出，儘管這一走勢表明經濟開始呈現積極勢頭，但活動未能維持在高位，迅速回落至年內低點。</p><h2>流動性同時流出中心化交易所 (CEX) 和去中心化金融 (DeFi)。</h2><p>不僅去中心化金融（DeFi）指標下滑，中心化交易所也出現了顯著變化。根據CryptoQuant的數據，幣安交易所的<span>BTC</span>拋售壓力不斷增加，大量比特幣正從該交易所流出。與此同時，穩定幣的淨流入量已轉為負值，表明其購買力正在下降。</p><p>幣安的30日移動平均線數據顯示，2月和3月<span>BTC</span>流入量激增，價格試圖回升。然而，激烈的拋售活動持續給市場帶來壓力，穩定幣餘額也持續下降，降低了交易所的潛在需求。</p><div><div><span/></div><div><div><table><thead><tr><th>指標</th><th>2026年2月</th><th>2026年5月</th></tr></thead><tbody><tr><td>WBTC 活躍地址（7 天移動平均線）</td><td>約5400</td><td> 2,134</td></tr><tr><td>幣安<span>$ BTC</span>淨流量</td><td>低的</td><td>大量資金流入（拋售壓力）</td></tr><tr><td>穩定幣淨流量</td><td>低的</td><td>負值（下降）</td></tr></tbody></table></div></div></div><p>分析師指出，去中心化平臺和中心化平臺的流動性均出現外流，目前尚無跡象表明有新資金流入市場，從而引發新一輪的買盤。報告強調了兩個可能出現逆轉的關鍵信號：活躍WBTC地址數量的回升，或交易所中大規模發行新的穩定幣。截至5月21日，這兩個條件均未滿足。</p><p>總體而言，加密貨幣市場中心化和去中心化板塊的風險偏好均有所下降。投資者仍持觀望態度，市場正在等待新的催化劑以重振強勁勢頭。</p></div></div>

5月份， Wrapped Bitcoin的活躍地址數量驟降至2134個。

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指標	2026年2月	2026年5月
WBTC 活躍地址（7 天移動平均線）	約5400	2,134
幣安$ BTC淨流量	低的	大量資金流入（拋售壓力）
穩定幣淨流量	低的	負值（下降）