Bitcoin Day-of-the-Week Effects?

Traders can buy and sell bitcoin any day of the week. Do bitcoin returns exhibit anomalies by day of the week, perhaps especially because of weekend trading? To investigate, we calculate (1) average return and return variability for each day of the week; (2) gross cumulative return for holding bitcoin only one day of the week; and, (3) bitcoin return by day of the week by calendar year. Using daily bitcoin prices during mid-September 2014 (earliest available) through July 2025, we find that: (more…)