BIS Study Reveals Significant Discrepancies in Bitcoin Onchain Transfer Estimates
- Estimates of Bitcoin onchain transfer values can vary by as much as sixfold based on measurement methods.
- The study analyzed over 100 billion blockchain records from Ethereum, Tron, and Bitcoin.
- Conventional measures of Bitcoin’s market capitalization can be up to four times higher than realized capitalization.
- Approximately $6.4 trillion in total stablecoin transaction volume was recorded, with adjusted volume at $313.1 billion over the past month.
- Over half of the active smart contracts on Ethereum could not be categorized due to their complexity.
The findings highlight significant challenges in accurately measuring onchain activity and market metrics within the cryptocurrency ecosystem, particularly for stablecoins. The discrepancies arise from how transactions are structured and recorded across different blockchains.
This study underscores the need for improved methodologies in assessing cryptocurrency metrics, as evidenced by the sixfold variation in Bitcoin transfer estimates.(Source)
