Coinbase's cbBTC gained 2,921 bitcoin in 30 days. Lombard's LBTC lost 39% of its supply
Bitcoin is leaving most wrapped tokens on other chains, CoinGecko supply data shows. Coinbase's version was the exception, until it gave back 891 BTC in a day.
Key points
- cbBTC supply rose from 94,965 to 97,886 tokens between October 12 and 12:44 a.m. ET on November 10, up 2,921 or 3.1%, CoinGecko data shows. Each token is backed by one bitcoin Coinbase holds.
- LBTC fell from 10,252 to 6,209 tokens over the same 30 days, down 4,043 or 39.4%. Kraken's kBTC lost 588 and SolvBTC 209.
- cbBTC peaked at 98,777 on the evening of November 8 and has since lost 891 tokens, about $66.6 million at today's price.
What wrapped bitcoin is
Bitcoin cannot move to Ethereum, Base or Solana by itself. A wrapped token fixes that: a custodian holds real bitcoin and issues a matching token on another chain. Coinbase says cbBTC is "backed 1:1 and held in custody by Coinbase". Customers create it by sending bitcoin from a Coinbase account to Base and redeem it by sending it back.
So the token supply works like a bridge meter. When it grows, bitcoin is being locked to use on other chains. When it shrinks, bitcoin is being pulled back.
Who gained, who lost
CoinGecko's daily data shows cbBTC growing almost every week, from 94,965 tokens on October 12 to a peak of 98,777 on November 9 (midnight UTC, 7 p.m. ET on November 8). Most rivals shrank. Lombard's LBTC, a staked bitcoin token, went from 10,252 to 6,209. Most of that drop came in one day: CoinGecko's count fell from 10,252 on October 18 to 7,098 on October 19. Kraken's kBTC fell from 9,096 to 8,508 and SolvBTC from 6,390 to 6,181.
Across the four tokens, supply fell by a net 1,919 BTC. CoinGecko lists unchanged supplies for the two older tokens, WBTC (116,132) and tBTC (4,185), all month, so its data cannot show their flows.
30-day change in token supply
BTC
October 12 to 12:44 a.m. ET November 10, 2026, supply from market value divided by price. Source: CoinGecko API.
cbBTC's first real pullback
Since its November 8 peak, cbBTC supply fell 891 tokens to 97,886, worth about $66.6 million at CoinGecko's price of $74,707 at 12:44 a.m. ET. Its market value stands at $7.31 billion, behind WBTC's $8.67 billion. LBTC barely moved in the same period (6,211 to 6,209).
We tried to confirm the burns on Basescan and Etherscan and to check bridge totals on DefiLlama, but none could be reached from our tools this run. The figures above are CoinGecko's.
LC Insight analysis
This section is our reading of the facts above, not a statement of fact.
- We think the month shows bitcoin holders favoring Coinbase's wrapper, while Kraken's and the yield-focused wrappers lost supply.
- LBTC's 39% drop came mostly in one jump in late October. A large holder or a single redemption could explain it, but the data does not say who.
- cbBTC giving back 891 tokens in a day is small next to its 30-day gain. Another few days like that would erase the month's growth.
What's next
- Whether cbBTC supply falls back below 97,000
- Whether LBTC supply keeps shrinking from 6,209
- An explorer check of WBTC and tBTC supply, which CoinGecko shows as frozen
Disclaimer. This article is based on public information and the sources listed below as of the update time shown. It is for information only and is not investment, legal or tax advice. Figures may change as companies and authorities publish new data.
Sources
- CoinGecko, wrapped bitcoin tokens market data API (read November 10, 2026, 12:44 a.m. ET)
- CoinGecko, cbBTC daily market chart API, 30 days (read November 10, 2026, 12:45 a.m. ET)
- CoinGecko, LBTC daily market chart API, 30 days (read November 10, 2026, 12:45 a.m. ET)
- CoinGecko, kBTC daily market chart API, 30 days (read November 10, 2026, 12:45 a.m. ET)
- CoinGecko, SolvBTC daily market chart API, 30 days (read November 10, 2026, 12:45 a.m. ET)
- Coinbase, cbBTC (read November 10, 2026)
