Environmental-Social-Governance Preferences and Investments in Crypto-Assets

Ciaian, Pavel; Cupák, Andrej; Fessler, Pirmin; Kancs, d’Artis

doi:10.48550/arxiv.2206.14548

Cited by 1 publication

(1 citation statement)

References 27 publications

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“…In Sun, 2021 [32], for instance, the authors surveyed 33 Asian firms to investigate whether price volatility lowers institutional investors' confidence and to quantify the role played by the familiarity of investors with the technology in the selection of crypto assets. In [33] the authors analysed the connection between investors' ESG preferences and crypto investments exposure using household-level portfolio data gathered from the Austrian Survey of Financial Literacy (ASFL). The analysis suggests that crypto investments are more strongly driven by social and ethical preferences compared to traditional investments (e.g., bonds).…”

Section: Introductionmentioning

confidence: 99%

Crypocurrency co-investment network: token returns reflect investment patterns

Mungo¹,

Bartolucci²,

Alessandretti³

2023

Preprint

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Since the introduction of Bitcoin in 2009, the dramatic and unsteady evolution of the cryptocurrency market has also been driven by large investments by traditional and cryptocurrency-focused hedge funds. Notwithstanding their critical role, our understanding of the relationship between institutional investments and the evolution of the cryptocurrency market has remained limited, also due to the lack of comprehensive data describing investments over time. In this study, we present a quantitative study of cryptocurrency institutional investments based on a dataset collected for 1324 currencies in the period between 2014 and 2022 from Crunchbase, one of the largest platforms gathering business information. We show that the evolution of the cryptocurrency market capitalization is highly correlated with the size of institutional investments, thus confirming their important role. Further, we find that the market is dominated by the presence of a group of prominent investors who tend to specialise by focusing on particular technologies. Finally, studying the co-investment network of currencies that share common investors, we show that assets with shared investors tend to be characterized by similar market behavior. Our work sheds light on the role played by institutional investors and provides a basis for further research on their influence in the cryptocurrency ecosystem.

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Section: Introductionmentioning

confidence: 99%