Antonis Ballis, Christos Ioannidis · 2026 · arXiv (Cornell University)
DOI: 10.48550/arxiv.2610.23283 · cited by 0 works (OpenAlex) · open-access PDF
Efisiensi bentuk lemah melibatkan pembatasan simetri pada pergerakan rantai Markov yang mengatur pergerakan di seluruh distribusi kapitalisasi mata uang kripto. Kami menguji mereka pada populasi terdaftar penuh: 8.970 aset, 690 cross-section mingguan, 2013 hingga 2026, dengan entri, keluar dan kelangsungan hidup diamati alih-alih disimpulkan. Simetri ditolak di setiap era, tetapi asimetri turun sebanyak tujuh puluh persen, dan apa yang disatukan adalah komposisi input-driven churn alih-alih penilaian sendiri koin. Decile bawah menghasilkan 27.5% per minggu pada kertas dan tidak ada di antara aset yang diperdagangkan, pada kapasitas $ 293.000. Kompensasi untuk kelalaian ada tepat di mana perdagangan tidak.
Machine translation (Meta M2M100); the English original follows.
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.
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Topics: Decile, Asset (computer security), Economics, Markov chain, Market capitalization, Compensation (psychology)
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