PONE-D-22-11926Cryptoasset networks: Flows and regular players in Bitcoin and XRPPLOS ONE

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Reviewer #1: Partly

Reviewer #2: No

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Reviewer #1: No

Reviewer #2: Yes

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Reviewer #1: No

Reviewer #2: No

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Reviewer #2: Yes

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Reviewer #1: In this paper, the authors propose an approach that uses “flow-weighted frequency” index to study the correlation between network characteristics and price of Bitcoin and XRP. In this approach, Bal-, In-, and Out-branches are found, and the temporal transitions among the three branches exist in Bitcoin, while does not exist in XRP.

Overall, this paper is well organized and contains some publishable material. However, two major problems exist. (1) Selecting the most significant period of one year as an observation period, it is doubtful whether the conclusions drawn are universal and representative. (2) the mathematical formula (11)-(13) are wrong and cannot achieve the purpose of dividing the set into three regions of 30 degrees. (3) in the Results section, the variation between some weeks and the rest of the year is not distinct enough to draw a clear conclusion.

In addition, apart from the fact that the research objects are Bitcoin and XRP, it is hard to judge whether the differences between the research methods in this paper and existing methods are large enough to be publishable.

Reviewer #2: The article covers an interesting topic of the flow of different users of the Bitcoin and Ripple networks. The discussion in this article is interesting. The authors try to connect changes in the number of different network users with the 2017/2018 market bubble. The analysis is quite attractive, but it covers only one particular example. The cryptocurrency market has changed and matured significantly since then - see for example https://doi.org/10.1016/j.physrep.2020.10.005, which makes this analysis historical. It will be really nice to see such kind of analysis for 2021 crypto bubble.

1. To have a direct comparison of price changes with changes in the number of network users, price changes could be also added in Figs. 3 and 4.

2. Did you try to calculate correlations between price changes or lagged price changes and ratio in/out in/bal out/bal players?

3. Is it possible to make any price prediction based on the number of active players or rations between various players?

4. "The ratio of Bal-players is larger before the peak, but after the peak, the ratio of In-players is larger." It is quite curious that there were more players after the peak and the price was sharply dropping?

5. "This fact suggests an abrupt change in the number of Players at the price peak seen in the upper panel of Fig. 4 for BTC regular players are due to a change in the number of non-identified regular players" this may be the effect of the influx of new players encouraged by the bull market?

Minor issues:

Line 203 P^XRP=32 not P^BTC=32

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Reviewer #1: No

Reviewer #2: No

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Cryptoasset networks: Flows and regular players in Bitcoin and XRP

PONE-D-22-11926R1

Dear Dr. Fujiwara,

We’re pleased to inform you that your manuscript has been judged scientifically suitable for publication and will be formally accepted for publication once it meets all outstanding technical requirements.

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Kind regards,

Vygintas Gontis, Ph.D.

Academic Editor

PLOS ONE

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