【报告主题】Smart Money in Cryptocurrencies
【主讲嘉宾】林文威，香港中文大学（深圳）
【报告时间】2026年11月3日 14:00
【报告地点】会计学院108室
【内容提要】
Do institutional investors remain the “smart money” in cryptocurrency markets, where private information channels are limited and valuation depends on fundamentally different information from traditional securities? We combine a novel dataset tracking the daily news consumption of U.S. investment firms from 2016 to 2022 with Google search activity by retail investors and estimate a model of information acquisition. We distinguish between headline news, which summarizes Bitcoin and broader crypto market movements, and driver news, which covers developments across the crypto ecosystem and the regulatory environment. We find that while both news types contain information about transitory variation in Bitcoin’s expected returns, nearly all information about the persistent component resides in driver news. Institutional investors devote greater attention to driver news than retail investors, allowing them to more precisely estimate the persistent component and retain an informational advantage. This advantage is larger than in equity markets and is more pronounced during market downturns.