13 papers
Stablecoins under Stress in a National Economy: Transaction-Level Evidence from Austrian Crypto-Asset Service Providers
Pietro Saggese, Michael Sigmund, Burkhard Raunig +3
Cryptoassets are increasingly entangled with the traditional financial system, and how this activity integrates into national economies and behaves under stress bears on financial…
How Reliable Is the Multi-Input Heuristic for Bitcoin Address Clustering in Law Enforcement Contexts?
Leopold Müller, Jana Elsner, Thomas Niedermayer +4
Address clustering is an important technique in blockchain forensics, widely employed by law enforcement to trace illicit crypto asset flows. The multi-input heuristic (MIH), which…
Tracing Stablecoin Contagion during the USDC Depeg after the Silicon Valley Bank Collapse
Krongtum Sankaewtong, Stefan Kitzler, Bernhard Haslhofer +1
The March 2023 collapse of Silicon Valley Bank (SVB) disrupted the core premise of stablecoins, which are digital tokens designed to maintain a fixed value against the U.S. dollar…
DeFi Yield Aggregators: Analysing Investment Strategies and Structural Dependencies
Stefan Kitzler, Kasra Zarinehbaf Asadi, Svetlana Kremer +1
Yield aggregators are financial services in Decentralised Finance (DeFi) providing automated investment management and return optimisation for users. In this study, we investigate…
Modern Portfolio Theory in the Crypto-Wilderness
Ivan Vynyavskyy, Stefan Kitzler, Bernhard Haslhofer +1
Modern Portfolio Theory (MPT) prescribes how to maximise the return of an asset portfolio for a given level of risk. The optimal trade-off between return and variance defines the e…
Credibility Matters: Motivations, Characteristics, and Influence Mechanisms of Crypto Key Opinion Leaders
Alexander Kropiunig, Svetlana Kremer, Bernhard Haslhofer
Crypto Key Opinion Leaders (KOLs) shape Web3 narratives and retail investment behaviour. In volatile, high-risk markets, their credibility becomes a key determinant of their influe…