What tBTC represents
tBTC is a wrapped asset, currently ranked 132nd by market capitalization among the assets we track. The whole purpose of tBTC is interoperability: it represents a deposited asset 1:1 on a chain that couldn't otherwise hold it. The relevant risk is custody of the underlying, not price discovery.
tBTC is a decentralized Bitcoin-backed token on Ethereum that allows users to use Bitcoin in DeFi applications while maintaining the security and value of Bitcoin. It aims to combine the benefits of both Bitcoin and Ethereum ecosystems.
How the peg to the underlying holds
Because tBTC is only as sound as its custody arrangement, the key question is who holds the underlying and how transparently. The price peg is robust until that custody is in doubt.
Background & fundamentals
The project publishes a whitepaper documenting its original design, which is worth reading before sizing any position in TBTC. In sector terms it is most often filed under Ethereum (ETH) Token (ERC-20), Polygon (MATIC) Token, and Base Ecosystem.
Where tBTC sits in the market
With TBTC near $59,132, tBTC carries a market capitalization of $293.06M. Around $2.60M changes hands across exchanges in a typical 24-hour window. That is a turnover of about 0.89% of the float — on the quieter side, which can mean thinner liquidity for large orders.
tBTC carries no fixed maximum supply; issuance follows a programmatic schedule rather than a hard cap. The token is roughly -53% under its record of $125,743 — a meaningful but not catastrophic drawdown. Measured from its all-time low of $14,002, TBTC is up +322%.
What the price history shows
The tape currently reads 24-hour -1.20%, 7-day -4.84%, 30-day -5.72%, 1-year -29.29%. Across roughly the last 366 days of daily candles, TBTC endured a peak-to-trough drawdown of about 51% before stabilizing.
Volatility profile
Recent action puts tBTC in the Low-volatility band — it has been relatively stable, with moves typical of large-cap, mature assets. Over the last 30 days the move totals -5.72%, a useful input for stop placement and position sizing.
How to evaluate a wrapped asset like tBTC
For an asset of this type, three lenses matter most:
- Custody model — who holds the underlying behind TBTC and whether reserves are provably 1:1.
- Redeemability — how reliably TBTC can be converted back to the asset it represents.
- Underlying exposure — remember that holding TBTC 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.
