This paper by Rod Garrett and Maarten van Oordt develops the concept of a "crypto multiplier," which quantifies how a cryptocurrency's market capitalization responds to investor fund inflows and outflows. A key finding is that the multiplier is high when a large proportion of coins are held for investment purposes rather than for making payments, suggesting that major cryptocurrencies likely have large multipliers. Empirically, the study finds a statistically significant positive relationship between proxies for speculative holdings and future exchange rate volatility, supporting the theory that low transactional use leads to high price swings. The authors warn that this effect means the liquidation value of large cryptocurrency block holdings can be substantially lower than their prevailing market value.