A new BIS study has uncovered a major gap in how on-chain Bitcoin transfers are measured. According to their findings, some of the crypto industry’s most popular metrics might actually hide real economic activity. And it’s not just a Bitcoin problem—Ethereum and stablecoins are in the same boat.

What the BIS Study Found

The researchers point out a “significant gap” between different estimates of Bitcoin’s on-chain transfer volume. Depending on the counting method, results can vary wildly, making it tough to compare data or get a clear picture of what’s really happening on-chain.

Metrics Can Distort Economic Activity

The metrics everyone from analytics firms to traders rely on don’t always reflect actual money moving around. The study says these metrics can both under- or overstate activity, depending on the methodology, so anyone using them should interpret results with caution.

It’s Not Just a Bitcoin Issue

The measurement problems highlighted in the study aren’t limited to Bitcoin. Similar challenges show up in the Ethereum ecosystem and with stablecoins, too. This points to a broader, systemic issue with how on-chain data is analyzed across the crypto market.

The main takeaway: there’s no single, undisputed number for on-chain activity yet. Anyone working with this data needs to be aware of the different counting methods and the limitations of each metric set.