BIS Report: On-chain Bitcoin transfer data may be inflated by up to 6x

A Bank for International Settlements (BIS) study analyzing 100 billion blockchain records suggests that widely cited metrics like on-chain transfer volume, market cap, and TVL are often inaccurate. The report highlights that Bitcoin transfer values can vary by a factor of six depending on accounting methods, such as how change addresses are handled. Furthermore, market cap can be overstated by four times compared to realized market cap, and 80% of Ethereum smart contracts remain unclassified, complicating TVL assessments. The study also notes that stablecoin usage varies significantly by chain, and Visa data shows that adjusted stablecoin volume is roughly 20 times lower than raw on-chain figures, emphasizing the need for more transparent data standards as the industry matures.