온체인 데이터를 활용한 암호화폐 시장의 FOMO(Fear of Missing Out) 현상에 대한 분석: 비트코인 지갑생성을 중심으로 = Analysis of FOMO (Fear of Missing Out) in the Cryptocurrency Market Using On-chain Data: Focused on Bitcoin Wallet Creation

다국어 초록 (Multilingual Abstract)

This study analyzes the impact of price and volume changes in the cryptocurrency market, particularly in the Bitcoin market, on the creation of new wallets. According to existing research, it is known that in the cryptocurrency market, investor interest increases with rising prices, and the phenomenon of FOMO (Fear of Missing Out) appears. This study analyzes how this FOMO phenomenon actually leads to market participation, specifically through the creation of Bitcoin wallets. Data on Bitcoin prices, trading volumes, and the number of new wallets were collected and analyzed for the period from January 1, 2014, to May 30, 2024. The Granger causality test results confirmed that price is the leading factor and the number of new wallets is the lagging factor. Additionally, the estimation results from the VAR model showed that the number of Bitcoin wallets is significantly positively affected by changes in Bitcoin prices from 1 to 3 days prior and by trading volume changes from 1 day prior. The impulse response analysis also showed a significant positive response of wallet numbers to shocks in Bitcoin price and trading volume. The findings of this study suggest that changes in price and volume in the cryptocurrency market are factors that facilitate the entry of new investors into the market.