A total of 11,500 wBTC linked to crypto lender Celsius were burnt on Feb. 27, marking the second-largest single-day burn for the ERC-20 token

Wrapped Bitcoin supply drops to negative after 11,500 wBTC burn linked to Celsius](https://cointelegraph.com/news/wrapped-bitcoin-supply-drops-to-negative-after-11-500-wbtc-burn-linked-to-celsius))
The first signs of lowering demand came after the Terra-LUNA-led crypto contagion that forced several crypto lenders to redeem their wBTC.