16 hours ago
2
Key Takeaways
- Bitcoin transfer estimates vary by calculation method.
- Change outputs can inflate measured transfer value.
- Token tickers do not establish an issuer.
- 6,867 Ethereum contracts used the USDT symbol.
- Onchain metrics require definitions and context.
The researchers analysed data collected through Mercurius, covering activity across the three networks. The total includes transactions and reference data such as addresses, with some information stored at multiple stages of the processing pipeline. It therefore does not represent 100 billion distinct transactions or blockchain events.
Bitcoin change can inflate measured transfer value
Bitcoin does not work like a bank account from which a user simply subtracts an amount. Instead, a wallet spends discrete pieces of bitcoin known as unspent transaction outputs, or UTXOs.
Imagine a wallet controls one UTXO worth 1 BTC and sends 0.2 BTC to another person. The transaction spends the full input, sends 0.2 BTC to the recipient and returns slightly less t...
English (US)