Is Bitcoin Really Untethered?
研究Tether（一种锚定美元的稳定币）是否在2017年比特币暴涨期间推高了其价格，通过区块链数据分析发现，Tether的购买行为往往发生在市场下跌后，并导致比特币价格显著上涨，这暗示了无担保的数字货币可能人为抬高了加密货币价格。
ABSTRACT This paper investigates whether Tether, a digital currency pegged to the U.S. dollar, influenced Bitcoin and other cryptocurrency prices during the 2017 boom. Using algorithms to analyze blockchain data, we find that purchases with Tether are timed following market downturns and result in sizable increases in Bitcoin prices. The flow is attributable to one entity, clusters below round prices, induces asymmetric autocorrelations in Bitcoin, and suggests insufficient Tether reserves before month‐ends. Rather than demand from cash investors, these patterns are most consistent with the supply‐based hypothesis of unbacked digital money inflating cryptocurrency prices.