Market Efficiency in a Changing Asset Population: Mobility, Entry, and Survival over Cryptocurrency's Full History

Antonis Ballis and Christos Ioannidis

Papers from arXiv.org

Abstract: Weak-form efficiency implies symmetry restrictions on the Markov chain governing movement across the cryptocurrency capitalisation distribution. We test them on the full listed population: 8,970 assets, 690 weekly cross-sections, 2013 to 2026, with entry, exit and survival observed rather than inferred. Symmetry is rejected in every era, but the asymmetry falls by seventy percent, and what converged is entry-driven compositional churn rather than coins' own valuations. The bottom decile earns 27.5% per week on paper and nothing among assets that trade, on capacity of $293,000. Compensation for neglect exists precisely where trading does not.

Date: 2026-10, Revised 2026-10
New Economics Papers: this item is included in nep-pay
References: Add references at CitEc
Citations:

Downloads: (external link)
https://arxiv.org/pdf/2610.23283 Latest version (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:arx:papers:2610.23283

Access Statistics for this paper

More papers in Papers from arXiv.org
Bibliographic data for series maintained by arXiv administrators ().