International Conference on Eurasian Economies

International Conference on Eurasian Economies

20-22 September 2022 – Baku - AZERBAIJAN

Paper properties

Paper ID : 2478
Status : Paper published
Language : Turkish
Topic : Finance and Financial Crises
Presenter: Assoc. Prof. Dr. Sıtkı Sönmezer
Session : 3B Finans

Effect of Crypto Indexes on Crypto Currencies: Relationship between HODL Index and Bitcoin
Kripto Endekslerin Kripto Paralar üzerindeki Etkisi: HODL Endeksi ve Bitcoin İlişkisi


Crypto Indexes are spreading and increasing in numbers recently. HODL is an index reflecting 75% of changes in the crypto market. Investors who aim to have exposure to crypto market may invest in these indexes. Volume of the HODL is found to be statistically significant on HODL return. İt shows that volume triggers demand for this Index. VIX and volume of HODL are both found to have a negative effect (95%) and (90%), respectively on BTC returns. VIX is found to have a positive effect (95%) but HODL volume has a negative effect (95%) on BTC Volume. This study also aims to discuss crypto currency investment rationale and the risks embedded in these investments. The future of tokens and coins is addressed with the related literature. Crypto currencies as an asset class may be an alternative for investors; the robustness of such an option is challanged in this study.

JEL codes: G11, G19, G10

Sönmezer, Sıtkı, Gencer Çelik, Gülşah (2021). "Effect of Crypto Indexes on Crypto Currencies: Relationship between HODL Index and Bitcoin" in Proceedings of International Conference of Eurasian Economies 2021, pp.228-231, Istanbul, TURKEY and ONLINE.


Full paper in PDF format.

Session 3B: Finans

Eurasian Economists Association Azerbaijan State University of Economics Beykent University Doğuş University Kyrgyzstan-Turkey Manas University