Are Cryptos Different? Evidence from Retail Trading
Are Cryptos Different? Evidence from Retail Trading
复制标题
加密货币有什么不同吗？
DOI：
10.2139/ssrn.4289513
复制
发表时间：
2023
期刊：
影响因子：
--
通讯作者：
A. Schoar
中科院分区：
文献类型：
--
作者：
Shimon Kogan;I. Makarov;Marina Niessner;A. Schoar
加密货币交易在过去十年中迅速增长，主要由散户投资者主导。使用来自eToro的200,000名零售交易商的数据集，我们表明他们对加密货币相对于其他资产的潜在价格动态有不同的模型。在我们的样本中，散户交易者在股票和黄金方面是反向的，但同样的交易者在加密货币方面遵循类似动量的策略。个体特征并不能解释人们如何交易加密货币与股票的差异，这表明我们的结果与投资者构成或客户效应的差异是正交的。此外，我们的发现不能用注意力不集中、费用差异或对彩票类股票的偏好来解释。我们推测，散户投资者持有一种加密货币价格模型，价格变化意味着未来广泛采用加密货币的可能性发生变化，这反过来又推动资产价格进一步朝同一方向发展。
Trading in cryptocurrencies has grown rapidly over the last decade, primarily dominated by retail investors. Using a dataset of 200,000 retail traders from eToro, we show that they have a different model of the underlying price dynamics in cryptocurrencies relative to other assets. Retail traders in our sample are contrarian in stocks and gold, yet the same traders follow a momentum-like strategy in cryptocurrencies. Individual characteristics do not explain the differences in how people trade cryptocurrencies versus stocks, suggesting that our results are orthogonal to differences in investor composition or clientele effects. Furthermore, our findings are not explained by inattention, differences in fees, or preference for lotterylike stocks. We conjecture that retail investors hold a model of cryptocurrency prices, where price changes imply a change in the likelihood of future widespread adoption, which in turn pushes asset prices further in the same direction.