Bitcoin Transaction Volume Can Vary by Up to 6 Times Depending on Calculation Method

Recent analysis suggests that the transaction volume of Bitcoin (BTC) can vary by up to six times depending on the method of calculation. The Bank for International Settlements (BIS) presented differences in measuring blockchain activity in a report analyzing data from Bitcoin, Ethereum (ETH), and Tron (TRX). Bitcoin uses an Unspent Transaction Output (UTXO) structure, which makes it difficult to separate the actual transferred amount from the technical change generated after using all transaction inputs and returning the remaining amount as change. As a result, simply summing the total amount included in transactions can inflate the economic remittance scale compared to reality. The market capitalization also varies based on the calculation method, with the simple market cap potentially being up to four times higher than the realized market cap during price surges. In Ethereum, the excessive generation of smart contracts has exacerbated measurement errors, with 13 million out of 54 million smart contracts classified as active contracts. The USDT symbol is reused across approximately 7,000 token contracts, complicating the distinction between the actual issuing entity and economic activity. BIS warned that simply summing USDT activity across multiple chains could group different economic functions into a single indicator. The report was also presented at a seminar by the Bank of Finland on August 27.

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