{"id":"https://openalex.org/W4294862448","doi":"https://doi.org/10.1016/j.jempfin.2022.08.004","title":"Bitcoin unchained: Determinants of cryptocurrency exchange liquidity","display_name":"Bitcoin unchained: Determinants of cryptocurrency exchange liquidity","publication_year":2022,"publication_date":"2022-09-05","ids":{"openalex":"https://openalex.org/W4294862448","doi":"https://doi.org/10.1016/j.jempfin.2022.08.004"},"language":"en","primary_location":{"id":"doi:10.1016/j.jempfin.2022.08.004","doi":"https://doi.org/10.1016/j.jempfin.2022.08.004","is_oa":true,"landing_page_url":"https://doi.org/10.1016/j.jempfin.2022.08.004","pdf_url":"https://www.sciencedirect.com/science/article/pii/S0927539822000822/pdf","source":{"id":"https://openalex.org/S145875555","display_name":"Journal of Empirical Finance","issn_l":"0927-5398","issn":["0927-5398","1879-1727"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-2","jufo-2","norway-2","poland-100","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320990","host_organization_name":"Elsevier BV","host_organization_lineage":["https://openalex.org/P4310320990"],"host_organization_lineage_names":["Elsevier BV"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Empirical Finance","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"hybrid","oa_url":"https://www.sciencedirect.com/science/article/pii/S0927539822000822/pdf","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5004603167","display_name":"Alexander Brauneis","orcid":"https://orcid.org/0000-0001-6965-5492","observed_orcids":["https://orcid.org/0000-0001-6965-5492"]},"institutions":[{"id":"https://openalex.org/I4210166741","display_name":"University of Klagenfurt","ror":"https://ror.org/05q9m0937","country_code":"AT","type":"education","lineage":["https://openalex.org/I4210166741"]}],"countries":["AT"],"is_corresponding":false,"raw_author_name":"Alexander Brauneis","raw_affiliation_strings":["University of Klagenfurt, Department of Finance & Accounting, Universitaetsstrasse 65-67, A\u20139020 Klagenfurt, Austria"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"University of Klagenfurt, Department of Finance & Accounting, Universitaetsstrasse 65-67, A\u20139020 Klagenfurt, Austria","institution_ids":["https://openalex.org/I4210166741"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5082701392","display_name":"Roland Mestel","orcid":"https://orcid.org/0000-0002-8292-0382","observed_orcids":["https://orcid.org/0000-0002-8292-0382"]},"institutions":[{"id":"https://openalex.org/I15766117","display_name":"University of Graz","ror":"https://ror.org/01faaaf77","country_code":"AT","type":"education","lineage":["https://openalex.org/I15766117"]}],"countries":["AT"],"is_corresponding":true,"raw_author_name":"Roland Mestel","raw_affiliation_strings":["University of Graz, Institute of Banking and Finance, Universitaetsstrasse 15/F2, A\u20138010 Graz, Austria"],"raw_orcid":"https://orcid.org/0000-0002-8292-0382","affiliations":[{"raw_affiliation_string":"University of Graz, Institute of Banking and Finance, Universitaetsstrasse 15/F2, A\u20138010 Graz, Austria","institution_ids":["https://openalex.org/I15766117"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5069996199","display_name":"Ryan Riordan","orcid":"https://orcid.org/0000-0003-4538-1241","observed_orcids":["https://orcid.org/0000-0003-4538-1241"]},"institutions":[{"id":"https://openalex.org/I204722609","display_name":"Queen's University","ror":"https://ror.org/02y72wh86","country_code":"CA","type":"education","lineage":["https://openalex.org/I204722609"]},{"id":"https://openalex.org/I8204097","display_name":"Ludwig-Maximilians-Universit\u00e4t M\u00fcnchen","ror":"https://ror.org/05591te55","country_code":"DE","type":"education","lineage":["https://openalex.org/I8204097"]}],"countries":["CA","DE"],"is_corresponding":false,"raw_author_name":"Ryan Riordan","raw_affiliation_strings":["LMU Munich School of Management, Institute for Financial Innovation and Technology, Geschwister-Scholl-Platz 1, D\u201380539, Munich, Germany","Queens University, Smith School of Business, 143 Union Street Goodes Hall Room 434 West Wing, CA-Kingston, Ontario K7L 3N6, Canada"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"LMU Munich School of Management, Institute for Financial Innovation and Technology, Geschwister-Scholl-Platz 1, D\u201380539, Munich, Germany","institution_ids":["https://openalex.org/I8204097"]},{"raw_affiliation_string":"Queens University, Smith School of Business, 143 Union Street Goodes Hall Room 434 West Wing, CA-Kingston, Ontario K7L 3N6, Canada","institution_ids":["https://openalex.org/I204722609"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5067528454","display_name":"Erik Theissen","orcid":"https://orcid.org/0000-0003-4460-8168","observed_orcids":["https://orcid.org/0000-0003-4460-8168"]},"institutions":[{"id":"https://openalex.org/I15766117","display_name":"University of Graz","ror":"https://ror.org/01faaaf77","country_code":"AT","type":"education","lineage":["https://openalex.org/I15766117"]},{"id":"https://openalex.org/I177802217","display_name":"University of Mannheim","ror":"https://ror.org/031bsb921","country_code":"DE","type":"education","lineage":["https://openalex.org/I177802217"]}],"countries":["AT","DE"],"is_corresponding":false,"raw_author_name":"Erik Theissen","raw_affiliation_strings":["University of Graz, Institute of Banking and Finance, Universitaetsstrasse 15/F2, A\u20138010 Graz, Austria","University of Mannheim, Finance Area, L9 1-2, D\u201368161, Mannheim, Germany"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"University of Graz, Institute of Banking and Finance, Universitaetsstrasse 15/F2, A\u20138010 Graz, Austria","institution_ids":["https://openalex.org/I15766117"]},{"raw_affiliation_string":"University of Mannheim, Finance Area, L9 1-2, D\u201368161, Mannheim, Germany","institution_ids":["https://openalex.org/I177802217"]}]}],"institutions":[],"countries_distinct_count":3,"institutions_distinct_count":5,"corresponding_author_ids":["https://openalex.org/A5082701392"],"corresponding_institution_ids":["https://openalex.org/I15766117"],"apc_list":{"value":2600,"currency":"USD","value_usd":2600},"apc_paid":{"value":2600,"currency":"USD","value_usd":2600},"fwci":7.5081,"has_fulltext":true,"cited_by_count":47,"citation_normalized_percentile":{"value":0.97516466,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":88,"max":100},"biblio":{"volume":"69","issue":null,"first_page":"106","last_page":"122"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.8076000213623047,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.8076000213623047,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10270","display_name":"Blockchain Technology Applications and Security","score":0.15469999611377716,"subfield":{"id":"https://openalex.org/subfields/1710","display_name":"Information Systems"},"field":{"id":"https://openalex.org/fields/17","display_name":"Computer Science"},"domain":{"id":"https://openalex.org/domains/3","display_name":"Physical Sciences"}},{"id":"https://openalex.org/T11995","display_name":"FinTech, Crowdfunding, Digital Finance","score":0.021800000220537186,"subfield":{"id":"https://openalex.org/subfields/1404","display_name":"Management Information Systems"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/bitcoin","display_name":"Bitcoin","score":0.7080000042915344},{"id":"https://openalex.org/keywords/order-book-data","display_name":"order book data","score":0.6899999976158142},{"id":"https://openalex.org/keywords/bid-ask-spread","display_name":"bid-ask spread","score":0.8930000066757202},{"id":"https://openalex.org/keywords/volatility","display_name":"volatility","score":0.5669999718666077},{"id":"https://openalex.org/keywords/cryptocurrency-market","display_name":"cryptocurrency market","score":0.42500001192092896},{"id":"https://openalex.org/keywords/financial-market-liquidity","display_name":"financial market liquidity","score":0.6430000066757202}],"concepts":[{"id":"https://openalex.org/C183582576","wikidata":"https://www.wikidata.org/wiki/Q184783","display_name":"Market liquidity","level":2,"score":0.8685899972915649},{"id":"https://openalex.org/C180706569","wikidata":"https://www.wikidata.org/wiki/Q13479982","display_name":"Cryptocurrency","level":2,"score":0.7155730724334717},{"id":"https://openalex.org/C189259953","wikidata":"https://www.wikidata.org/wiki/Q1042259","display_name":"Liquidity risk","level":3,"score":0.6511597037315369},{"id":"https://openalex.org/C204468989","wikidata":"https://www.wikidata.org/wiki/Q1827667","display_name":"Accounting liquidity","level":4,"score":0.6157922744750977},{"id":"https://openalex.org/C176923680","wikidata":"https://www.wikidata.org/wiki/Q3002739","display_name":"Liquidity crisis","level":3,"score":0.5845497846603394},{"id":"https://openalex.org/C18991353","wikidata":"https://www.wikidata.org/wiki/Q1137319","display_name":"Market maker","level":4,"score":0.5668668150901794},{"id":"https://openalex.org/C190896228","wikidata":"https://www.wikidata.org/wiki/Q6557509","display_name":"Liquidity premium","level":4,"score":0.5534774661064148},{"id":"https://openalex.org/C127288500","wikidata":"https://www.wikidata.org/wiki/Q1241055","display_name":"Market impact","level":4,"score":0.5455172061920166},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.5137971043586731},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.4634098708629608},{"id":"https://openalex.org/C109168655","wikidata":"https://www.wikidata.org/wiki/Q242988","display_name":"Liberian dollar","level":2,"score":0.44669198989868164},{"id":"https://openalex.org/C51926234","wikidata":"https://www.wikidata.org/wiki/Q3312426","display_name":"Market microstructure","level":3,"score":0.43191713094711304},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.424100786447525},{"id":"https://openalex.org/C199728807","wikidata":"https://www.wikidata.org/wiki/Q2578557","display_name":"Equity (law)","level":2,"score":0.41323524713516235},{"id":"https://openalex.org/C182306322","wikidata":"https://www.wikidata.org/wiki/Q1779371","display_name":"Order (exchange)","level":2,"score":0.4017561376094818},{"id":"https://openalex.org/C73283319","wikidata":"https://www.wikidata.org/wiki/Q1416617","display_name":"Financial system","level":1,"score":0.3683222830295563},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.3644934296607971},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.19296035170555115},{"id":"https://openalex.org/C2780299701","wikidata":"https://www.wikidata.org/wiki/Q475000","display_name":"Stock market","level":3,"score":0.1592700481414795},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.0},{"id":"https://openalex.org/C151730666","wikidata":"https://www.wikidata.org/wiki/Q7205","display_name":"Paleontology","level":1,"score":0.0},{"id":"https://openalex.org/C2780762169","wikidata":"https://www.wikidata.org/wiki/Q5905368","display_name":"Horse","level":2,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C38652104","wikidata":"https://www.wikidata.org/wiki/Q3510521","display_name":"Computer security","level":1,"score":0.0},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.0}],"mesh":[],"locations_count":4,"locations":[{"id":"doi:10.1016/j.jempfin.2022.08.004","doi":"https://doi.org/10.1016/j.jempfin.2022.08.004","is_oa":true,"landing_page_url":"https://doi.org/10.1016/j.jempfin.2022.08.004","pdf_url":"https://www.sciencedirect.com/science/article/pii/S0927539822000822/pdf","source":{"id":"https://openalex.org/S145875555","display_name":"Journal of Empirical Finance","issn_l":"0927-5398","issn":["0927-5398","1879-1727"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-2","jufo-2","norway-2","poland-100","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320990","host_organization_name":"Elsevier BV","host_organization_lineage":["https://openalex.org/P4310320990"],"host_organization_lineage_names":["Elsevier BV"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Empirical Finance","raw_type":"journal-article"},{"id":"pmh:oai:ub-madoc.bib.uni-mannheim.de:64079","doi":null,"is_oa":true,"landing_page_url":"https://madoc.bib.uni-mannheim.de/64079/1/Bitcoin-unchained--Determinants-of-cryptocurrency-_2022_Journal-of-Empirical.pdf","pdf_url":"https://madoc.bib.uni-mannheim.de/64079/1/Bitcoin-unchained--Determinants-of-cryptocurrency-_2022_Journal-of-Empirical.pdf","source":{"id":"https://openalex.org/S4377196315","display_name":"MADOC (University of Mannheim)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I177802217","host_organization_name":"University of Mannheim","host_organization_lineage":["https://openalex.org/I177802217"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"acceptedVersion","is_accepted":true,"is_published":false,"raw_source_name":null,"raw_type":"Zeitschriftenartikel"},{"id":"pmh:oai:RePEc:eee:empfin:v:69:y:2022:i:c:p:106-122","doi":null,"is_oa":false,"landing_page_url":"http://www.sciencedirect.com/science/article/pii/S0927539822000822","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"},{"id":"pmh:oai:irep.ntu.ac.uk:51554","doi":null,"is_oa":false,"landing_page_url":"http://irep.ntu.ac.uk/id/eprint/51554/","pdf_url":null,"source":{"id":"https://openalex.org/S4306400559","display_name":"Nottingham Trent University's Institutional Repository (Nottingham Trent Repository)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I52590639","host_organization_name":"Nottingham Trent University","host_organization_lineage":["https://openalex.org/I52590639"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"Article"}],"best_oa_location":{"id":"doi:10.1016/j.jempfin.2022.08.004","doi":"https://doi.org/10.1016/j.jempfin.2022.08.004","is_oa":true,"landing_page_url":"https://doi.org/10.1016/j.jempfin.2022.08.004","pdf_url":"https://www.sciencedirect.com/science/article/pii/S0927539822000822/pdf","source":{"id":"https://openalex.org/S145875555","display_name":"Journal of Empirical Finance","issn_l":"0927-5398","issn":["0927-5398","1879-1727"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-2","jufo-2","norway-2","poland-100","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320990","host_organization_name":"Elsevier BV","host_organization_lineage":["https://openalex.org/P4310320990"],"host_organization_lineage_names":["Elsevier BV"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Empirical Finance","raw_type":"journal-article"},"sustainable_development_goals":[],"sustainable_development_goals_aurora":[{"display_name":"Partnerships for the goals","id":"https://metadata.un.org/sdg/17","score":0.5299999713897705}],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W4294862448.pdf","grobid_xml":"https://content.openalex.org/works/W4294862448.grobid-xml"},"referenced_works_count":37,"referenced_works":["https://openalex.org/W1856274156","https://openalex.org/W1985808284","https://openalex.org/W2040846150","https://openalex.org/W2050031929","https://openalex.org/W2125531201","https://openalex.org/W2149625909","https://openalex.org/W2163190650","https://openalex.org/W2315462057","https://openalex.org/W2615949386","https://openalex.org/W2626692761","https://openalex.org/W2753174893","https://openalex.org/W2792973870","https://openalex.org/W2795679926","https://openalex.org/W2809373714","https://openalex.org/W2883043781","https://openalex.org/W2894679048","https://openalex.org/W2911666513","https://openalex.org/W3007920380","https://openalex.org/W3111648466","https://openalex.org/W3118426285","https://openalex.org/W3121630491","https://openalex.org/W3121729798","https://openalex.org/W3122170139","https://openalex.org/W3122898452","https://openalex.org/W3123145251","https://openalex.org/W3123517839","https://openalex.org/W3123783648","https://openalex.org/W3124611303","https://openalex.org/W3125846991","https://openalex.org/W3141916518","https://openalex.org/W3184327748","https://openalex.org/W4220784036","https://openalex.org/W4244077793","https://openalex.org/W4280573335","https://openalex.org/W4304845682","https://openalex.org/W4377987782","https://openalex.org/W6990228247"],"related_works":["https://openalex.org/W2907065841","https://openalex.org/W3111648466","https://openalex.org/W2908117791","https://openalex.org/W2974157806","https://openalex.org/W2771537913","https://openalex.org/W3007920380","https://openalex.org/W3017876003","https://openalex.org/W4230481952","https://openalex.org/W2889272881","https://openalex.org/W4398159279"],"abstract_inverted_index":{"We":[0,38],"study":[1],"bitcoin":[2,63],"to":[3,73],"US":[4,27],"dollar":[5],"(BTCUSD)":[6],"liquidity":[7,9,42,53,70],"and":[8,54,56,77],"determinants":[10],"using":[11],"order":[12],"book":[13],"data":[14],"from":[15],"three":[16],"large":[17],"cryptocurrency":[18,51],"exchanges.":[19],"The":[20],"BTCUSD":[21,41,69],"market":[22,79],"is":[23,43,71],"more":[24],"liquid":[25],"than":[26],"equity":[28],"markets":[29,76],"with":[30],"bid\u2013ask":[31],"spreads":[32],"often":[33],"below":[34],"1":[35],"basis":[36],"point.":[37],"find":[39,67],"that":[40,68],"largely":[44],"explained":[45],"by":[46],"same-exchange":[47],"past":[48,50],"liquidity,":[49],"market-wide":[52],"volatility,":[55],"fees":[57],"charged":[58],"on":[59],"the":[60],"blockchain":[61],"for":[62],"transfers.":[64],"Surprisingly,":[65],"we":[66],"unrelated":[72],"broader":[74],"financial":[75,78],"liquidity.":[80]},"counts_by_year":[{"year":2026,"cited_by_count":5},{"year":2025,"cited_by_count":8},{"year":2024,"cited_by_count":18},{"year":2023,"cited_by_count":12},{"year":2022,"cited_by_count":3},{"year":2021,"cited_by_count":1}],"updated_date":"2026-10-24T09:50:30.924529","created_date":"2022-09-07T00:00:00"}
