BIS Warns That Crypto Metrics May Lack Precision

A joint study by the Bank for International Settlements (BIS) and De Nederlandsche Bank (DNB) suggests that common crypto metrics like transaction volume, market capitalization, and TVL may be distorted by blockchain architecture and user behavior. Analyzing data from Bitcoin, Ethereum, and TRON, researchers found that Bitcoin transfer values can vary by up to six times depending on how change outputs are identified. The report highlights that conventional market capitalization can significantly exceed realized capitalization during price rallies.