L-BTC Resumes Trading With Only 85% Bitcoin Backing
Liquid Bitcoin restarted trading even though onchain data shows its reserves cover a paltry 85.15% of supply.
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Key takeaways
- Sept. 10 snapshot reveals an 85.15% reserve ratio for L-BTC
- Federation peg-out redemptions remain completely frozen
- Market depth for the token is currently unmeasured
L-BTC is back on the market, but do the math yourself—it doesn't add up. An onchain snapshot taken Sept. 10 reveals that the wrapped asset's reserves cover just 85.15% of its circulating supply.
Missing Backing and Frozen Exit Ramps
That 15% hole isn't the only red flag you should be watching. Federation peg-outs—the vital mechanism letting you turn L-BTC back into native Bitcoin—are still completely frozen. On top of that, live market depth isn't even being measured as trading opens back up.
Why it matters
Wrapped tokens rely on one non-negotiable rule: one token, one underlying coin. Trading a wrapped Bitcoin asset missing almost 15% of its collateral while redemptions stay locked is pure madness. If you hold or trade L-BTC today, you're stuck holding an undercollateralized token with no direct path back to native BTC.
Source: CryptoSlate
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