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Benford's Law
Do Bitcoin's price digits follow the distribution of naturally occurring numbers?
BTC daily closesBenford expected
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Understanding this chart
Benford's Law says that in many naturally occurring datasets, smaller leading digits dominate: numbers starting with 1 appear ~30% of the time, with 9 under 5%. The bars compare Bitcoin's daily closing prices against that theoretical curve.
Data spanning many orders of magnitude (like a price that went from $0.07 to $120k) should follow Benford closely — and Bitcoin does, which is a neat statistical fingerprint of organic, multiplicative growth. Strong deviations in other assets can hint at manipulated or range-pinned prices.