Large Language Models for Cryptocurrency Transaction Analysis: A Bitcoin Case Study

• URL: http://arxiv.org/abs/2501.18158v2
• Date: Mon, 03 Feb 2025 10:45:22 GMT
• Title: Large Language Models for Cryptocurrency Transaction Analysis: A Bitcoin Case Study
• Authors: Yuchen Lei, Yuexin Xiang, Qin Wang, Rafael Dowsley, Tsz Hon Yuen, Jiangshan Yu,
• Abstract summary: We introduce a three-tiered framework to assess Large Language Models (LLMs) capabilities. LLMs excel at foundational metrics and offer detailed characteristic overviews. Their effectiveness in contextual interpretation suggests they can provide useful explanations of transaction behaviors.
• Score: 9.257058992607147
• License:
• Abstract: Cryptocurrencies are widely used, yet current methods for analyzing transactions heavily rely on opaque, black-box models. These lack interpretability and adaptability, failing to effectively capture behavioral patterns. Many researchers, including us, believe that Large Language Models (LLMs) could bridge this gap due to their robust reasoning abilities for complex tasks. In this paper, we test this hypothesis by applying LLMs to real-world cryptocurrency transaction graphs, specifically within the Bitcoin network. We introduce a three-tiered framework to assess LLM capabilities: foundational metrics, characteristic overview, and contextual interpretation. This includes a new, human-readable graph representation format, LLM4TG, and a connectivity-enhanced sampling algorithm, CETraS, which simplifies larger transaction graphs. Experimental results show that LLMs excel at foundational metrics and offer detailed characteristic overviews. Their effectiveness in contextual interpretation suggests they can provide useful explanations of transaction behaviors, even with limited labeled data.

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