Zack Voell, a prominent crypto market researcher, has opined that while the pioneer cryptocurrency may be in a bear market in terms of price, there are signs to indicate that it is seeing bullish adoption with regard to off-chain activity.
Voell, who is an analyst at the Bitcoin mining software company Braiins, said in an opinion piece that growth trends and supply data show that Bitcoin adoption is increasing across layer 2 protocols, Bitcoin-backed tokens, and more.
Highlighting "built-on-Bitcoin" layer 2 protocols, he notes that the growth of the Lightning Network, Liquid Network, and RSK, has been trending upwards regardless of the price direction of Bitcoin in the past two years.
Similarly, tokenized Bitcoins - Bitcoin-backed tokens used as representations of Bitcoins on other blockchains - have been showing "extraordinary growth." An example of this is the Ethereum-based Wrapped Bitcoin (WBTC) launched by Bitgo.
The supply of WBTC has been growing over the past two years...
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