The time-varying causal relationship between the Bitcoin market and internet attention

Financial Innovation

Table 1 Descriptive statistics

Variable	dlog_GSVI	AGSVI	Returns	dlog_volume
Observations	1918	1918	1918	1918
Mean	0.000	0.007	0.141	0.004
Standard deviation	0.143	0.318	3.918	0.444
Median	− 0.012	− 0.009	0.179	− 0.031
Minimum	− 0.892	− 0.836	− 29.401	− 2.014
Maximum	1.171	1.878	24.060	1.729
Skewness	0.766	0.855	− 0.256	0.301
Kurtosis	7.593	2.854	6.641	0.912
T statistic of ADF test	− 15.074 ***	− 6.563 ***	− 11.815 ***	− 18.044 ***

***, **, * denote statistical significance at a 1%, 5%, and 10% level, respectively. dlog_GSVI represents the first difference of logarithm of the Google search volume index; AGSVI is the abnormal Google search volume index; returns is Bitcoin returns, and dlog_volume is the first difference of logarithm of Bitcoin trading volume