Are cryptos different? Evidence from retail trading
利用eToro数据发现，散户在股票和黄金上采用反向策略，但在加密货币上却使用动量策略，且差异无法用个人特征、费用或彩票偏好解释，可能源于散户对加密货币未来采用的预期。
Trading in cryptocurrencies grew rapidly over the last decade, dominated by retail investors. Using data from eToro, we show that retail traders are contrarian in stocks and gold, yet the same traders follow a momentum-like strategy in cryptocurrencies. The differences are not explained by individual characteristics, investor composition, inattention, differences in fees, or preference for lottery-like assets. We conjecture that retail investors have a model where cryptocurrency price changes affect the likelihood of future widespread adoption, which leads them to further update their price expectations in the same direction.