Coinbase cbBTC supply surpasses 30,000 pieces, wBTC market share declines

Golden Finance reports that Coinbase's synthetic Bitcoin product cbBTC has seen a rapid rise since its launch in September 2024, with the supply now exceeding 30,500 BTC and a cumulative increase of over 160% in 2025. Meanwhile, the supply of wBTC has decreased by 17% since the launch of cbBTC, with an annual decline of 4%. It is worth noting that although the cbBTC rise is significant, the total supply of synthetic Bitcoin on Ethereum has only increased by about 3%, indicating that the expansion of cbBTC is primarily a substitution effect within market share, rather than an overall inflow of new funds. The reason for the growth of cbBTC lies in Coinbase's ability to directly attract BTC holders through self-custody and exchange channels, reducing operational friction and making it more convenient compared to third-party minting.