The study excluded all the exchange wallets [1], that makes the metric if anything more conservative than it is actually. [1] https://www.nber.org/system/files

The study excluded all the exchange wallets [1], that makes the metric if anything more conservative than it is actually. [1] https://www.nber.org/system/files/working_papers/w29396/w29396.pdf https://www.nber.org/system/files/working_papers/w29396/w293...