ABSTRACT

This paper studies the herding behaviour among different exchanges trading bitcoin. The analysis allows us to conclude that the size of the exchange is an influencing parameter. Since 2018, when the significant growth in the number of exchanges became a reality, smaller exchanges have shown strong herding behaviour, whereas large exchanges seem to respond to their own information and beliefs and lead the process of price definition. This result may originate some temporary profitable strategies in the process of evolution towards efficiency according to the Adaptive Markets Hypothesis.

中文翻译：

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如果比特币市场增长，规模很重要

摘要

本文研究了交易比特币的不同交易所之间的羊群行为。分析使我们得出结论，交易所的规模是一个影响参数。自 2018 年交易所数量显着增长成为现实以来，小型交易所表现出强烈的羊群行为，而大型交易所似乎对自己的信息和信念做出反应并引领价格定义的过程。根据适应性市场假说，这一结果可能会在向效率进化的过程中产生一些暂时的盈利策略。