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Return
Financial uncertainty and the cross-section of cryptocurrency returns
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DOI：10.1016/j.jbankfin.2026.107717.png)
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Abstract
En 中文
• Low financial uncertainty exposure cryptocurrencies earn higher returns. • Macro, policy, and VIX uncertainty do not affect cryptocurrency returns. • We develop a taxonomy of investment and transaction cryptocurrencies. • Financial uncertainty return spread concentrates in investment not transaction coins. • Findings are consistent with institutional hedging demand.
Keywords:
Financial uncertainty
Cryptocurrency returns
Investment cryptocurrencies
Transaction cryptocurrencies
Institutional hedging
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3.8
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