Trading activity:
Reported 24-hour volume equals 0.27% of market capitalization. The local markets snapshot lists Uniswap V3 (Ethereum), Curve (Ethereum) and Uniswap V4 (Ethereum) among venues with observed trading activity.
YearBull indicators:
YearBull Rank #8,501. Bull Score 52/100.
YB Market Risk Low. This relative market-volatility label is not an investment-safety assessment.
Cycle Mid. Observed price change: 24h -1.79% · 7d 3.96% · 30d 10.23%.
Values are descriptive and should be read together rather than as a price forecast.
Read the YearBull methodology.
Snapshot date: 2026-09-20.Data history: 8 daily observations available in the latest 90-day window.
Methodology responsibility:
YearBull’s analytical methodology and presentation rules are developed and maintained by
Alan Zelvin, Founder & Lead Crypto Researcher.
This note identifies responsibility for the methodology; it does not attribute authorship of this data snapshot.
What is tBTC (TBTC)?
Source description
“What is tBTC? tBTC allows you to unlock your Bitcoin’s value to borrow and lend, mint stablecoins, provide liquidity, and much more. tBTC is a decentralized wrapped Bitcoin that is 1:1 backed by main-net BTC. Existing solutions bringing Bitcoin to Ethereum require you to send your Bitcoin to an intermediary, who then issues you an Ethereum token representing your original asset. This centralized model requires you to trust a third party and is prone to censorship, sacrificing Bitcoin's promise of secure, permissionless decentralization. How does tBTC solve this issue? Instead of centralized intermediaries, tBTC uses a randomly selected group of operators running nodes on the Threshold Network to secure deposited Bitcoin through threshold cryptography. That means tBTC requires a threshold majority agreement before operators perform any action with your Bitcoin. By rotating the selection of operators weekly, tBTC protects against any individual or group of operators colluding to fraudulently seize the underlying deposits. By relying on an honest-majority-assumption, we can calculate the likelihood any wallet comprised of a quorum of dishonest operators. An insurance backstop (the coverage pools), serves as an emergency fallback in the event a wallet is compromised. What is Threshold Network? Threshold.network stems from the merger of NuCypher and Keep networks into a single decentralized network — it delivers a suite of threshold cryptography services for web3 applications through a decentralized network of staking nodes. The whole community is governed by a DAO.”
This source-supplied description may contain old, promotional, or unverified claims and is not YearBull editorial analysis.
Recorded networks: Ethereum, Sui, Hydration, Polygon Pos, Bob Network, Base
Official links and contract records appear in Key Facts. Project details can change, so verify current information with the project.
tBTC (TBTC) FAQ
How does tBTC use threshold cryptography to secure deposited Bitcoin?
The project states that tBTC replaces a single intermediary with a randomly selected group of operators running nodes on the Threshold Network. These operators use threshold cryptography, requiring agreement from a threshold majority before actions are taken with deposited Bitcoin. This structure is presented as a way to reduce reliance on one custodian while preserving a 1:1 backing with mainnet BTC.
Why does tBTC rotate its operator selection weekly?
According to the project, the operator group securing tBTC deposits is rotated each week. The stated purpose is to make it more difficult for an individual operator or coordinated group to collude and fraudulently seize the underlying Bitcoin. The model relies on an honest-majority assumption, meaning security depends on enough participating operators remaining honest.
What role do coverage pools play in the tBTC design?
The project describes coverage pools as an insurance backstop for tBTC wallets. They are intended to provide an emergency fallback if a wallet securing deposited Bitcoin is compromised. This does not remove the system’s underlying security assumptions; rather, coverage pools are presented as an additional safeguard alongside threshold-based authorization and rotating operator selection.
What applications does the project associate with tBTC on Ethereum?
The project states that tBTC is a decentralized wrapped Bitcoin backed 1:1 by mainnet BTC and can be used to access decentralized finance applications. Named examples include borrowing and lending, minting stablecoins, and providing liquidity. The project presents tBTC as a way to make Bitcoin value available within Ethereum-based applications without relying on a centralized intermediary.
How is the Threshold Network governed and what other services does it provide?
The project describes Threshold Network as a decentralized network of staking nodes formed through the merger of NuCypher and Keep. It states that the wider community governs the network through a DAO. Alongside tBTC v2, the project identifies Threshold Access Control, for encrypted data sharing without a centralized authority, and thUSD, an overcollateralized stablecoin using ETH and tBTC as collateral.
tBTC metric comparison
40 daily observations are available from 2025-12-20 through 2026-09-16. Percentiles compare the latest value with the same-day analytical universe; a higher percentile means a larger observed value, not necessarily a better investment characteristic.
Metric
Current
30d ago
90d ago
Change vs 30d
Universe percentile
Price
$75,730
$72,909
$72,909
+3.9%
n/a
Market cap
$323.25M
$451.76M
$451.76M
-28.4%
P98.5
YearBull Rank
#8,289
#1,544
#1,544
Lower by 6,745
P10.4
Bull Score
51/100
54/100
54/100
-3.0 pts
P64.0
Turnover
0.55%
3.86%
3.86%
-3.3 pts
P49.1
YB Risk
Low
Low
Low
Unchanged
n/a
Cycle
Mid
Early
Early
Early → Mid
n/a
Median absolute daily movement 1.26%; distance from the highest local daily price -22.1%; circulating supply change -27.6%. These measurements are descriptive and do not predict future direction.
YearBull Rank timeline
YearBull Rank now for tbtc: #8501.
Rank timeline (last 365 days)
Rank change (daily snapshots).
Reading rule: rank #120 sits higher than rank #200.
7d window (2026-09-13): #8712 → #8501 (up by 211).
30d window: no reference point available.
YearBull Rank is a relative placement score used on YearBull to compare a coin against peers within the same dataset. Smaller numbers mean the coin sits higher in the YearBull list.
Liquidity angle: If the curve improves and holds, it is usually more structural. bursty volume can create temporary re-ordering.
Where it trades: If rank deteriorates while the curve stays smooth, it can be cohort strength shifting. consolidation can make rank more stable.
Cycle context: If the line stair-steps, the cycle may be driven by discrete inputs. cycle pressure can surface as slow bleed in rank.
Volatility posture: If it is flat for long, the coin may be tracking the cohort. big jumps can be data-driven, but also rotation-driven.
Editorial note:
This analysis was prepared by the YearBull research team under the direction of
Alan Zelvin,
Founder and Lead Crypto Researcher.
The assessment follows YearBull’s internal research methodology and editorial standards.
Methodology ·
Editorial Policy
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Stored venue snapshot. Markets last checked: 2026-09-15. Next refresh window: around 2026-09-22. Venue listings and volumes are stored snapshots, not live quotes.
Listings are ordered by reported snapshot volume. Source Trust Rank is an external venue-quality signal; it is not an endorsement or a solvency guarantee.
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