Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/334891 
Year of Publication: 
2026
Citation: 
[Journal:] Review of Derivatives Research [ISSN:] 1573-7144 [Volume:] 29 [Issue:] 1 [Article No.:] 3 [Publisher:] Springer US [Place:] New York, NY [Year:] 2026
Publisher: 
Springer US, New York, NY
Abstract: 
Unlike traditional assets, cryptocurrencies lack fundamental information such as dividends, earnings, or cash flows, requiring market participants to rely on alternative sources of information for price discovery and trading decisions. In this study, we analyze the relationship between news sentiment and Bitcoin (BTC) and Ether (ETH) futures returns, as well as net trading positions. We use a dataset of over 9100 BTC and 5400 ETH news articles. The findings reveal that news sentiment is significantly associated with futures price movements and market positioning by professional investors. We extend the traditional dictionary-based approach of Loughran and McDonald ( 2011 ) by enabling a more precise identification of crypto-relevant content. Our findings highlight the role of news sentiment as an information channel in cryptocurrency derivatives markets and uncover substantial differences between the BTC and ETH futures markets.
Subjects: 
Cryptocurrency futures
Bitcoin (BTC)
Ether (ETH)
News sentiment analysis
Financial news media
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article
Document Version: 
Published Version

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