Very interesting post! I wonder how the wBTC amount is calculated into that? As far as i understood these are existing BTC frozen in an ETH contract and turned into wBTC on the ETH chain. So these BTC are out of circulation as long as the corresponding wBTC are existing, but the coins will not be substracted from the circulating BTC I suppose. Otherwise, the wBTC and the amount of money they resemble will not be added to ETH, but actually existing on the ETH blockchain. The quesiton is therefore, if from a valuation perspective ETH has already outnumbered BTC by bounding it through wBTC to the ETH chain - or is this just a wrong view of mine?

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