国际清算银行工作论文：比特币链上转账价值的估算因口径差异最多相差6倍
PANews 9月16日消息，据国际清算银行第1377号工作论文《隐藏于复杂性之下？》，比特币链上转账价值的估算因计量方法不同最多相差6倍，主因是找零输出等退回发送方的转账是否计入。论文还指出，传统市值口径一度达已实现市值的4倍。研究基于比特币、以太坊与波场约1000亿条链上记录，发现以太坊约6750万个活跃合约中约5400万个无法归类；USDT在以太坊更多关联DeFi，在波场更偏支付与价值储存。研究者称，链上指标应被视为有噪声的近似值，而非经济活动的直接度量。
BIS working paper: Bitcoin onchain transfer value estimates diverge up to 6x by methodology
PANews Sep 16: BIS Working Paper No. 1377, 'Hidden Under Complexity?', finds estimates of Bitcoin onchain transfer value diverge by up to six times depending on measurement method, mainly over whether change outputs returned to the sender are counted. The paper also notes conventional market cap at one point reached four times realized cap. Based on about 100 billion onchain records across Bitcoin, Ethereum and Tron, the study found roughly 54 million of Ethereum's ~67.5 million active contracts cannot be classified, and that USDT on Ethereum skews toward DeFi while on Tron it leans toward payments and store of value. Researchers say onchain metrics should be treated as noisy approximations, not direct measures of economic activity.