Crypto market faces growing fragmentation – BIS paper

Ethereum is losing market share as crypto assets fragment

The market for crypto assets is fragmenting as it grows, undermining the case for crypto as a payment method, research published by the Bank for International Settlements finds.

In the bulletin article, authors Frederic Boissay, Giulio Cornelli, Sebastian Doerr and Jon Frost say the crypto market experienced “explosive growth” from January 2020 to November 2021. The value of crypto assets rose more than tenfold, to $2.8 trillion, before collapsing back to $1.2 trillion in June 2022.


Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

If you already have an account, please sign in here.

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account