Bitcoin Day-of-the-Week Effects?

Unlike publicly traded assets generally, investors/speculators 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 returns and return variabilities for each day of the week; and, (2) gross cumulative returns for holding bitcoin only one specific day of the week. Using daily bitcoin prices from Coindesk during 11/3/2014 (the earliest offered) through September 6, 2021, we find that: (more…)