A BIS study found widely used crypto metrics can obscure economic activity, with measurement challenges spanning Bitcoin, Ethereum and stablecoins. Researchers at the Bank for International Settlements found that estimates of Bitcoin onchain transfer values can vary by as much as sixfold depending on how transactions are measured. The finding concerns onchain Bitcoin transfer values, rather than trading volume on crypto exchanges. The sixfold gap reflects differences between measurement methods, including how change outputs and other transfers back to the sender are treated. The discrepancy stems largely from Bitcoin’s transaction structure. When users spend Bitcoin, unspent funds are often returned to the sender as change, which can be counted as another output even though it does not represent funds being transferred to another party. Read more
Circle and Coinbase shares fell about 10% as the failed Senate vote weighed on crypto-linked equities, with Bitcoin miners and treasury companies also declining. Crypto-linked stocks fell sharply on Tuesday after the US Senate failed to advance the CLARITY Act, with shares of Circle and Coinbase dropping about 10%. Bitcoin treasury companies were also hit, with American Bitcoin falling around 8%, while Strategy and Strive each declined about 5%, according to Yahoo Finance data. Bitcoin miners joined the selloff, with Riot Platforms falling about 6%, CleanSpark nearly 5%, Hut 8 more than 4% and IREN almost 4%. Coinbase (COIN) shares fell 9.9% on Tuesday. Source: Yahoo Finance Read more