比特币期货的推出对比特币回报波动性的影响
The Effects of the Introduction of Bitcoin Futures on the Volatility of Bitcoin Returns
摘要：
本文研究了比特币期货的推出对比特币日内波动性的影响。基于从四个加密货币交易所收集的一分钟价格数据，我们首先研究了比特币期货推出后已实现波动率的变化，以研究其对比特币日内波动率的综合影响。然后，我们利用离散傅立叶变换更详细地分析效果。我们发现，尽管比特币市场在推出比特币期货后立即变得更加波动，但随着时间的推移，它变得比推出前更加稳定。
英文摘要：
This paper investigates the effects of the launch of Bitcoin futures on the intraday volatility of Bitcoin. Based on one-minute price data collected from four cryptocurrency exchanges, we first examine the change in realized volatility after the introduction of Bitcoin futures to investigate their aggregate effects on the intraday volatility of Bitcoin. We then analyze the effects in more detail utilizing the discrete Fourier transform. We show that although the Bitcoin market became more volatile immediately after the introduction of Bitcoin futures, over time it has become more stable than it was before the introduction.
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