The magnetic behavior of $Fe_{3-x}O_4$ nanoparticles synthesized either by high-temperature decomposition of an organic iron precursor or low-temperature co-precipitation in aqueous conditions, is compared. Transmission electron microscopy, X-ray absorption spectroscopy, X-ray magnetic circular dichroism and magnetization measurements show that nanoparticles synthesized by thermal decomposition display high crystal quality and bulk-like magnetic and electronic properties, while nanoparticles synthesized by co-precipitation show much poorer crystallinity and particle-like phenomenology, including reduced magnetization, high closure fields and shifted hysteresis loops. The key role of the crystal quality is thus suggested since particle-like behavior for particles larger than about 5 nm is only observed when they are structurally defective. These conclusions are supported by Monte Carlo simulations. It is also shown that thermal decomposition is capable of producing nanoparticles that, after further stabilization in physiological conditions, are suitable for biomedical applications such as magnetic resonance imaging or bio-distribution studies.
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