Market reaction to large transfers on the Bitcoin blockchain-Do size and motive matter?

【Author】 Ante, Lennart; Fiedler, Ingo

【Source】FINANCE RESEARCH LETTERS

【影响因子】9.848

【Abstract】How does the market react to large Bitcoin transactions? We analyze effects of 2,132 transactions involving at least 500 Bitcoins. While results for all transactions are inconclusive, further analysis of transaction size and presumed transfer motives based on publicly known Bitcoin addresses of cryptocurrency exchanges reveals significant price effects depending on the type of transaction. The results indicate that the market recognizes the nature of the transfer and prices in new information.

【Keywords】Market efficiency; Informational efficiency; Price discovery; Cryptocurrency; Event study; Transaction activity

【发表时间】2021 MAR

【收录时间】2022-01-02

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