Crypto VS Wall Street: Decoding the effect of Bitcoin halving

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-10-04 DOI:10.1016/j.frl.2025.108569

Theodoros Daglis , Konstantinos N. Konstantakis , Georgios Lazarou , Panayotis G. Michaelides , Dimitrios L. Stamos

引用次数: 0

Abstract

This study explores how Bitcoin halving reshaped the dynamic interplay between cryptocurrencies and traditional financial assets. Using daily data from November 9, 2017, to March 14, 2022, and applying spectral causality tests with a frequency-domain approach, we examine the evolving relationships between Bitcoin, Ethereum, and key conventional investments, such as gold, the S&P 500, and U.S. Treasury bonds, before and after halving episodes. We uncover strong causality between cryptocurrencies and traditional assets in the pre-halving phase, which weaken significantly post-halving, highlighting a decoupling effect. Our findings shed light on market transformation mechanisms, with critical insights for investors, portfolio managers, and regulators navigating the crypto-financial nexus.

查看原文本刊更多论文

加密货币VS华尔街：解读比特币减半的影响

本研究探讨了比特币减半如何重塑加密货币与传统金融资产之间的动态相互作用。使用从2017年11月9日到2022年3月14日的每日数据，并使用频域方法应用频谱因果关系测试，我们研究了比特币，以太坊和主要传统投资（如黄金，标准普尔500指数和美国国债）之间在减半事件之前和之后的演变关系。我们发现，在减半前阶段，加密货币和传统资产之间存在很强的因果关系，在减半后显著减弱，突出了脱钩效应。我们的研究结果揭示了市场转型机制，为投资者、投资组合经理和监管机构导航加密金融联系提供了重要见解。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance