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When the numbers don’t add up: anomalies and inconsistencies in bitcoin prices and daily data

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  • Edward Gotham

    (Feng Chia University)

Abstract

Despite Bitcoin’s immutable public ledger, many studies have poor replicability due to inconsistencies in the way data are collected and stored; furthermore, several important metrics relating to the mempool and Lightning Network must be captured in real-time, and many valuable data series have missing observations. An attempt to replicate and extend two well-cited papers is documented. This paper may also serve as a reference for relative newcomers to Bitcoin from the fields of statistics, business, and econometrics, due to its low level approach to data. Information and literature related to protocol changes, price discovery, and the computation of daily averages is summarized. Research gaps are identified; best data practices are suggested. Block-level data, computed in native units, provides a superior perspective of Bitcoin activity to daily fiat metrics. Readers benefit from an improved understanding of (i) valid approaches and data sources, (ii) some of Bitcoin’s quirks (there are many), and (iii) potential research pitfalls.

Suggested Citation

  • Edward Gotham, 2025. "When the numbers don’t add up: anomalies and inconsistencies in bitcoin prices and daily data," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 49(1), pages 248-282, March.
    • Handle: RePEc:spr:jecfin:v:49:y:2025:i:1:d:10.1007_s12197-025-09708-y
    DOI: 10.1007/s12197-025-09708-y
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    More about this item

    Keywords

    Bitcoin; Mempool; Blockspace; Transaction fee; Auction; SegWit; Taproot;
    All these keywords.

    JEL classification:

    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • C81 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Microeconomic Data; Data Access
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates

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