What Coinbase Wrapped BTC represents
Coinbase Wrapped BTC (CBBTC) is a wrapped asset, currently ranked 37th by market capitalization among the assets we track. Coinbase Wrapped BTC is a wrapped asset: it mirrors the price of an underlying coin from another chain so that asset can be used in smart contracts where it can't natively go. A unit of CBBTC should always be redeemable for a unit of what it wraps.
Coinbase Wrapped BTC (CBBTC) is a token that represents Bitcoin on the Ethereum blockchain, allowing users to leverage Bitcoin's value within decentralized finance (DeFi) ecosystems. It retains Bitcoin's properties while enabling interoperability with Ethereum-based applications.
How the peg to the underlying holds
A wrapped token holds its peg through redeemability: as long as you can burn CBBTC to reclaim the underlying, arbitrage keeps the two prices locked together. The risk lives in whoever custodies the backing.
Background & fundamentals
The project publishes a whitepaper documenting its original design, which is worth reading before sizing any position in CBBTC. In sector terms it is most often filed under Ethereum (ETH) Token (ERC-20), Base Ecosystem, and Wrapped Token.
Where Coinbase Wrapped BTC sits in the market
At $59,211, Coinbase Wrapped BTC carries a market capitalization of $2.82B. Around $370.33M changes hands across exchanges in a typical 24-hour window. That is a turnover of about 13.12% of the float — elevated, often a sign of narrative-driven trading.
Coinbase Wrapped BTC carries no fixed maximum supply; issuance follows a programmatic schedule rather than a hard cap. The token is roughly -53% under its record of $126,069 — a meaningful but not catastrophic drawdown.
What the price history shows
The tape currently reads 24-hour -1.09%, 7-day -4.84%.
Volatility profile
Recent action puts Coinbase Wrapped BTC in the Low-volatility band — it has been relatively stable, with moves typical of large-cap, mature assets.
How to evaluate a wrapped asset like Coinbase Wrapped BTC
The honest checklist for CBBTC is short:
- Custody model — who holds the underlying behind CBBTC and whether reserves are provably 1:1.
- Redeemability — how reliably CBBTC can be converted back to the asset it represents.
- Underlying exposure — remember that holding CBBTC is really holding the underlying — analyze that asset directly.
This page pulls live market data, on-chain stats where available, exchange-by-exchange volume, and our forecast model into one view so you can work through those questions in a single place. None of it is investment advice — it is a structured starting point for your own research.
