白鲸效应：加密市场中具有传染性的比特币鲸鱼

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-07-19 DOI:10.1016/j.frl.2025.107906

Nicolás Magner , Aliro Sanhueza

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引用次数: 0

摘要

本研究考察了比特币鲸鱼对加密货币市场的影响。“鲸鱼警报”电报组报道说，我们建立了一个鲸鱼信号，考虑从钱包到交易所的转账，反之亦然。然后，我们在转移后的1、6和24小时，使用时变参数VAR测量了市值最大的15种加密货币回报的“鲸鱼传染”。结果表明，比特币鲸鱼的传染显著，主要发生在6和24小时之后。这些结果为影响加密货币市场传染的因素及其对金融稳定的影响提供了新的视角。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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The Moby Dick effect: Contagious Bitcoin whales in the crypto market

This study examines the Bitcoin Whale contagion on the cryptocurrency market. We built a whale signal considering transfers from wallets to exchanges and vice versa, reported on the “Whale Alert” Telegram group. We then measured whale contagion on the returns of the 15 cryptocurrencies with the largest market capitalization using time-varying parameters VAR at 1, 6, and 24 h after the transfer. The results indicated a significant contagion of Bitcoin whales, mainly after 6 and 24 h. These results provide a new perspective on the factors influencing contagion in the cryptocurrency market and its impact on financial stability.

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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