A study by the Bank for International Settlements reveals that Bitcoin onchain transfer value estimates can vary by up to six times depending on the measurement method used. This difference is mainly explained by Bitcoin’s transaction structure, where unspent funds are often returned to the sender as change, which can be counted as an additional transfer. Researchers analyzed 100 billion blockchain records across Bitcoin, Ethereum and Tron, finding similar measurement challenges affecting the broader crypto ecosystem. Bitcoin market capitalization can be up to four times higher than its realized capitalization, which values each coin at the price when it last moved. According to the researchers, onchain indicators should be treated as approximations rather than direct measures of economic activity.
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