This study examines how news sentiment impacts herding (anti-herding) behavior in the cryptocurrency market. We categorize the cryptos into “clean” and “dirty” based on their energy consumption. The results show that news sentiment has divergent effects. When economic news positively overwhelms investors, herding becomes more apparent among the "clean" cryptocurrencies while the "dirty" exhibits more pronounced anti-herding. In clean cryptocurrencies, as the market is downward (upward), herding (anti-herding) is more evident if the investors are more optimistic about economic news. The findings are crucial for regulators and other participants to better manage investments in the bitcoin market.

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关于投资者情绪如何影响加密货币市场羊群行为的新视角


这项研究探讨了新闻情绪如何影响加密货币市场的羊群（反羊群）行为。我们根据能源消耗将加密货币分为“干净”和“肮脏”。结果表明，新闻情绪具有不同的影响。当经济消息压倒投资者时，“干净”的加密货币中的羊群效应就会变得更加明显，而“肮脏”的加密货币则表现出更明显的反羊群效应。在清洁加密货币中，当市场下行（上行）时，如果投资者对经济消息更加乐观，羊群效应（反羊群效应）就会更加明显。这些发现对于监管机构和其他参与者更好地管理比特币市场的投资至关重要。