Insights from bitcoin trading
研究了比特币与法定货币交易对的回报和交易量的共同性，发现一个共同因子解释了68%的小时交易量方差，且交易模式取决于交易地点而非资产所在地。
Abstract We examine commonality in returns and volume for Bitcoin–fiat currency pairs, each trading in a country with a single time zone. Bitcoin has substantial volume and obeys the theory related to commonality, liquidity, and price discovery. We find evidence that one common factor explains 68% of the variance in hourly volume. Though trading is higher on weekdays, there is substantial weekend trading, reflecting high retail participation. Volume is higher on exchanges during local working hours, as seen in forex markets, supporting the view that trading patterns depend on the location of trade rather than the location of the asset traded.