Abstract
Using topic modeling analysis, we identify six bitcoin-related topics - Investing, Bitcoin Market, Regulation, Private Equity, Cybersecurity, and Macroeconomy - discussed in the Wall Street Journal and document differences in their sentiment (polarity) and hype (intensity of coverage) over the 2013–2021 period. Importantly, we find the topics differ not only in strength (significant vs. insignificant) but also in direction (negative vs. positive) and shape (linear vs. non-linear) of their relations to bitcoin returns, trading volume, and volatility.
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