https://www.nber.org/system/files/working_papers/w29396/w29396.pdf https://www.nber.org/system/files/working_papers/w29396/w293... The authors are well aware o

https://www.nber.org/system/files/working_papers/w29396/w29396.pdf https://www.nber.org/system/files/working_papers/w29396/w293... The authors are well aware of this, the analysis excludes these exchange accounts holding 5.5 M Bitcoin and is only about what is held in individual accounts which collectively own 8.5M bitcoin.