Are cryptos different? Evidence from retail trading

【Author】 Kogan, Shimon; Makarov, Igor; Niessner, Marina; Schoar, Antoinette

【Source】JOURNAL OF FINANCIAL ECONOMICS

【影响因子】8.238

【Abstract】Trading in cryptocurrencies grew rapidly over the last decade, dominated by retail investors. Using data from eToro, we show that retail traders are contrarian in stocks and gold, yet the same traders follow a momentum-like strategy in cryptocurrencies. The differences are not explained by individual characteristics, investor composition, inattention, differences in fees, or preference for lottery-like assets. We conjecture that retail investors have a model where cryptocurrency price changes affect the likelihood of future widespread adoption, which leads them to further update their price expectations in the same direction.

【Keywords】Cryptocurrencies FinTech Retail trading Social finance

【发表时间】2024 SEP

【收录时间】2024-07-19

【文献类型】实证数据

【主题类别】

区块链治理-市场治理-价格预测