Price-Volume Relationship in Bitcoin Futures ETF Market: An Information Perspective

Figure 9

Evolution of the ETE between BITO’s trading volume changes and returns for different window sizes. (a), (c), and (e) display the ETE at the significant level of 0.05 when the window sizes are 300, 900, and 1200, respectively. (b), (d), and (f) show the ETE at the significant level of 0.01 when the windows are 300, 900, and 1200, respectively. The horizontal axis is the start date of each rolling window.

(a)

(b)

(c)

(d)

(e)

(f)