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On the Evolution of Cryptocurrency Market Efficiency

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Paper breakdownThe authors' claims, conditions and measurements, as JSON Signed receiptProof this review has not been altered
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Akihiko Noda

Statistical Finance · Submitted 20 Apr 2019

abstract compiled · 2026-09-23 · no language-model review

The authors' main claim We conclude that the results support the AMH for the most established cryptocurrency market.

how it is stated · asserted 0.77 read the record →

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arXiv ID1904.09403 (version 6)
Pith IDWDNTQKMQ, Pith's permanent record of this paper and its review
CitationAkihiko Noda. "On the Evolution of Cryptocurrency Market Efficiency." arXiv:1904.09403 (2019). https://pith.science/paper/WDNTQKMQ
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The compiled record

The paper's own sentences, arranged. Each label is drawn from a closed vocabulary; the number beside it is the probability the classifier gave that label. Numbers in the tables are the authors', checked by code. No sentence in this record was written by a model.

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Compiled by classifier-1.13.0 via TypeSafe API, question bank abstract-p1-20260923, 2026-09-23: 1 request, 3,644 input tokens.

What the abstract itself states, as probabilities: claims first 0.07 · states limitation 0.10 · human participants 0.02 · controlled comparison 0.07 · randomized assignment 0.01 · states quantitative result 0.08 · compares with prior results 0.65 · mentions code or data availability 0.02.

The abstract, sentence by sentence

arXiv listing abstract v6. Results and the main claim are underlined; .

This study examines whether the efficiency of cryptocurrency markets (Bitcoin and Ethereum) evolve over time based on Lo's (2004) adaptive market hypothesis (AMH). In particular, we measure the degree of market efficiency using a generalized least squares-based time-varying model that does not depend on sample size, unlike previous studies that used conventional methods. The empirical results show that (1) the degree of market efficiency varies with time in the markets, (2) Bitcoin's market efficiency level is higher than that of Ethereum over most periods, and (3) a market with high market liquidity has been evolving. We conclude that the results support the AMH for the most established cryptocurrency market.

background contribution method result interpretation main claim

What the classifier reports for each sentence. The number is the probability it gave the label.
#sentencerolethe authors' own workstates the main conclusionstrength
s0 This study examines whether the efficiency of cryptocurrency markets (Bitcoin and Ethereum) evolve over time based on Lo's (2004) adaptive market hypothesis (AMH). contribution 0.86 0.74 0.03 unclear 0.69
s1 In particular, we measure the degree of market efficiency using a generalized least squares-based time-varying model that does not depend on sample size, unlike previous studies that used conventional methods. method 0.98 0.92 0.02 asserted 1.00
s2 The empirical results show that (1) the degree of market efficiency varies with time in the markets, (2) Bitcoin's market efficiency level is higher than that of Ethereum over most periods, and (3) a market with high market liquidity has been evolving. result 1.00 0.96 0.21 asserted 1.00
s3 We conclude that the results support the AMH for the most established cryptocurrency market. interpretation 1.00 0.81 0.96 asserted 0.77

What kind of paper the classifier reports this is: empirical study 1.00 · evidence from analysis of existing data 0.96.

What was examined, and what was not

sources read
  • arXiv listing abstract v6
not examined
  • full text
  • figures and tables
  • references and citing sentences
  • relations to other papers
levels run
  • P abstract
not run
  • S sections
  • T body sentences
  • C citations
  • R cross-paper relations

Every quoted sentence on this record is the authors'. Every label is from Pith's closed vocabulary, with the probability shown beside it. Every number in the measurements table is the authors', checked by code. Record as JSON

The paper
Original abstract

This study examines whether the efficiency of cryptocurrency markets (Bitcoin and Ethereum) evolve over time based on Lo's (2004) adaptive market hypothesis (AMH). In particular, we measure the degree of market efficiency using a generalized least squares-based time-varying model that does not depend on sample size, unlike previous studies that used conventional methods. The empirical results show that (1) the degree of market efficiency varies with time in the markets, (2) Bitcoin's market efficiency level is higher than that of Ethereum over most periods, and (3) a market with high market liquidity has been evolving. We conclude that the results support the AMH for the most established cryptocurrency market.

Human review

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How the literature uses it

1 arXiv paper cite this in 2 sentences

Each citing sentence is taken from the citing paper's LaTeX source and typed by Pith's classifier. A label appears at probability 0.8 or more (0.95 for support), a contest at 0.7 or more; the quoted words are the citing authors'. How each label was checked · JSON

Papers citing it · 1 sentence without a confident label

Cites it as background 1 paper

What it cites · 1 sentence without a confident label

Uses the method or tool of 1 paper

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