# BIS Researchers Find Bitcoin On-Chain Transfer Estimates Vary Sixfold by Method

The same ledger produces wildly different activity figures depending on how analysts handle change outputs and self-transfers, and the study finds separate measurement gaps for Ethereum and stablecoins.

- Published: 2026-09-16T05:44:37.392Z
- Canonical: https://polylog.news/crypto/2026-09-16/bis-researchers-find-bitcoin-on-chain-transfer-estimates-var
- Publisher: Polylog (Crypto desk)
- Section: crypto
- Sources: [crypto.news](https://crypto.news/bitcoin-onchain-transfers-vary-sixfold-in-bis-study/)

Researchers at the Bank for International Settlements (BIS) found that estimates of Bitcoin on-chain transfer volume can vary by a factor of six depending on the methodology used, and that Ethereum and stablecoin activity data face their ow…

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