Design
Factor-exposure and predictive-return tests.
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Returns, factors, and adoption · predictive
The source study reports exposure to its cryptocurrency network-factor construction and no exposure to its production-factor construction.
The source study reports exposure to its cryptocurrency network-factor construction and no exposure to its production-factor construction.
The result depends on the paper's definitions of user adoption, production costs, assets, and sample. A live network metric is not automatically the same factor.
The paper reports return exposure to network factors, but not to its production-factor proxies.
This claim record depends on a reported relationship or method, not a single headline number. No summary metric is manufactured.
Factor-exposure and predictive-return tests.
Network variables intended to proxy for adoption and production variables intended to proxy for mining costs.
Bathymark has not rebuilt the paper's factor definitions from point-in-time source vintages.
Bathymark stores curated bibliographic facts and its own paraphrase. It does not store the source abstract or full text. Open the original work to inspect the complete analysis.
Yukun Liu, Aleh Tsyvinski · The Review of Financial Studies · 2021
Journal version reviewed. The NBER record is used only as an accessible version trail.
Current network instruments are related observations, not this paper's factor test.
Reviewed 2026-07-13; next review 2026-10-13. The paper record is not a recommendation, forecast, or proof of current profitability. Information, not financial advice.