Researchers release new paper on full-history market efficiency of crypto assets

Antonis Ballis and Christos Ioannidis have published a working paper on arXiv, using a sample of all 8,970 crypto assets and 690 weekly cross-sections from 2013 to 2026 to directly observe asset entry, exit, and survival, testing the weak-form efficiency symmetry constraints of the crypto asset market capitalization distribution Markov chain. The paper's estimates show that the paper weekly return of assets in the lowest market capitalization decile is 27.5%, but this return is not achievable among tradable assets, corresponding to a strategy capacity of $293,000.

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