Table 1 Estimation results

\(\widehat{\omega }_0\)

− 0.189

**

0.399

***

− 0.156

**

0.378

***

− 0.891

***

\(\widehat{\omega }_1\)

0.512

***

0.388

***

0.553

***

0.381

***

0.403

***

\(\widehat{\alpha }_0\)

− 0.332

.

2.259

***

− 0.269

*

1.998

***

− 4.999

**

\(\widehat{\alpha }_{1,Addresses}\)

0.078

.

\(\widehat{\alpha }_{2,Fees}\)

0.198

***

0.140

**

0.052

.

0.235

***

\(\widehat{\alpha }_{3,Hashrate}\)

–

\(\widehat{\alpha }_{4,Inflation}\)

–

\(\widehat{\alpha }_{5,Velocity}\)

0.095

*

\(\widehat{\alpha }_{6,SP500}\)

0.147

***

0.197

***

0.190

***

0.285

***

\(\widehat{\alpha }_{7,USDEUR}\)

\(\widehat{\beta }_0\)

− 2.173

***

− 4.999

***

− 1.699

***

− 4.999

***

− 4.380

***

\(\widehat{\beta }_{8,VIX}\)

0.164

*

− 0.240

**

0.341

***

\(\widehat{\beta }_{9,Volume}\)

0.162

**

0.652

***

0.152

.

− 0.226

***

\(\widehat{\beta }_{10,ExchangeRatio}\)

− 0.276

***

\(\widehat{\beta }_{11,GoogleMarket}\)

0.153

*

− 0.322

**

− 0.270

*

0.166

***

\(\widehat{\beta }_{12,GoogleCurrency}\)

0.144

*

0.278

***

0.568

***

\(\widehat{\beta }_{13,Wiki}\)

0.142

*

cusp model

LL

− 3105.510

− 3104.456

− 3106.319

− 3105.382

− 3103.173

AIC

6235.020

6228.912

6228.638

6226.764

6222.346

BIC

6303.488

6285.970

6274.284

6272.410

6267.988

Linear model

LL

− 3393.817

− 3262.685

− 3379.525

− 3334.278

− 2992.940

AIC

6807.635

6541.369

6771.050

6680.556

5997.879

BIC

6864.692

6587.015

6805.285

6714.791

6032.111

\(\chi _2^2\)

≤ 0.001

≤ 0.001

≤ 0.001

≤ 0.001

≤ 0.001

Logistic model

LL

− 3369.692

− 3179.475

− 3369.088

− 3320.334

− 2857.437

AIC

6761.384

6376.950

6752.177

6654.669

5728.873

BIC

6824.147

6428.302

6792.117

6694.609

5768.810