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ETH 国际清算银行报告指出：比特币链上转账估值因计量方法不同存在高达六倍的差异
服务于全球中央银行及金融机构的国际组织——国际清算银行（BIS）的研究人员发布报告称，根据对交易的不同衡量方式，比特币链上转账价值的估算结果可能相差多达六倍。
方法论差异导致巨大的转账价值缺口
BIS 这项研究专注于衡量记录在区块链上的比特币活动，而非加密货币交易所的交易量。研究人员发现，链上转账价值的估算存在六倍的差异，并将其归因于用于分类交易组成部分的方法论不同，特别是对于“找零输出”（change outputs）和发回给发送方的转账的处理方式存在分歧。
比特币的交易结构是造成这种差异的主要原因。当比特币在交易中花费时，剩余资金（即找零）通常会作为单独的输出发回给发送方。某些测量方法将这些找零输出计入额外的转账中，尽管它们并不代表资金流向第三方。
BIS 研究人员指出，交易量、市值和总锁仓价值等指标往往给人一种准确性的错觉，但这并不符合底层数据的本质。
The impact of measurement differences goes beyond the value of the transfer itself. Researchers have noted that the commonly used market capitalisation metric for Bitcoin is sometimes as much as four times higher than the "realized capitalization"(a metric that values each coin based on the last movement it made through the network).
For analysis, the BIS team examined approximately 100 billion blockchain records on Bitcoin, Ethereum and Tron, and determined that similar differences and methodological challenges exist across the crypto ecosystem.
Complexity of measurement between Ethereum and stablecoins
As a leading smart contract platform, Ethereum also brings a series of unique measurement challenges. Of the approximately 67.5 million active Ethereum smart contracts reviewed in the study, only a few could be accurately classified, highlighting the complexity of classifying on-chain activity in decentralized applications.
stablecoins represented by USDT show further differences in different network usage scenarios. Research found that the USDT on Ethereum is mainly used for decentralized finance (DeFi) activities, while on the wavefield, the token is more used for payments and value storage.
There are also significant differences in contract holding. In 2022, more than 20% of USDT on Ethereum will be held by smart contracts, compared with only about 1% on the wave field. Because of these different network use cases, researchers warn that aggregating USDT activity across blockchains may obscure potential economic activity and confuse different types of transactions.
BIS 团队得出结论，链上指标应被视为嘈杂的近似值，而非经济活动的精确反映。
行业回应：Visa 调整稳定币指标
部分分析供应商已开始解决 BIS 报告中指出的测量问题。全球支付技术公司 Visa 运营着一个名为 Onchain Analytics 的数据仪表板，该仪表板由数据提供商 Allium Labs 提供支持。该仪表板提供总体稳定币交易量和经调整后的稳定币交易量。
Visa 表示，其调整后的方法论旨在过滤掉高频交易、机器人活动、跨桥接器的交易路由以及交易所内部转账等误导性因素，从而更好地代表实际的经济用途。
根据仪表板追踪的过去 30 天数据，监控网络上的稳定币总交易量为 6.4 万亿美元。然而，在使用 Visa 的调整后方法论后，报告的交易量急剧下降至 3131 亿美元，凸显了不同测量标准带来的巨大影响。
