Market reaction to large transfers on the Bitcoin blockchain - Do size and motive matter?
•2,132 Bitcoin transactions involving a least 500 Bitcoins are analyzed•Price effects can differ significantly depending on the size and type of a transaction•The market recognizes the nature of the transfer and prices in new information•Large Bitcoin transfers are a relevant aspect of Bitcoin'...
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Veröffentlicht in: | Finance research letters 2021-03, Vol.39, p.101619, Article 101619 |
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Hauptverfasser: | , |
Format: | Artikel |
Sprache: | eng |
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Online-Zugang: | Volltext |
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Zusammenfassung: | •2,132 Bitcoin transactions involving a least 500 Bitcoins are analyzed•Price effects can differ significantly depending on the size and type of a transaction•The market recognizes the nature of the transfer and prices in new information•Large Bitcoin transfers are a relevant aspect of Bitcoin's market structure
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. |
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ISSN: | 1544-6123 1544-6131 |
DOI: | 10.1016/j.frl.2020.101619 |