Emoções e investimentos: a influência do sentimento do investidor nas criptomoedas durante a pandemia de Covid-19

Rayane Farias dos  Santos; César Augusto Tibúrcio Silva

doi:10.21680/2176-9036.2025v17n2ID37600

Autores/as

Rayane Farias dos Santos Universidade de Brasília (UnB) https://orcid.org/0000-0001-6500-1096
César Augusto Tibúrcio Silva Universidade de Brasília (UnB) https://orcid.org/0000-0002-5717-9502

DOI:

https://doi.org/10.21680/2176-9036.2025v17n2ID37600

Palabras clave:

Sentimiento de los Inversionistas, Criptomonedas, Devolver, Volumen de negociación

Resumen

Objetivo: El estudio analizó la relación entre el sentimiento de los inversores y el rendimiento y el volumen de operaciones de las principales criptomonedas en Brasil, durante el período de la pandemia de Covid-19.

Metodología: Se utilizaron dos métricas para capturar el sentimiento de los inversores, los índices de Felicidad (IFH) y Miedo (FEARS), capturados utilizando las herramientas de Twitter y Google respectivamente. Los datos sobre las criptomonedas se recopilaron en el sitio web Cryptocompare. Utilizando regresiones cuantiles, se analizaron las variaciones en el impacto del sentimiento de los inversores sobre diferentes tipos de monedas.

Resultados: Los resultados indicaron que la felicidad y el miedo afectan de manera heterogénea a las criptomonedas, y que IFH causa impactos tanto negativos como positivos en los rendimientos de activos como BTC, USDC y USDT. Y FEARS tiene un impacto predominantemente negativo en el retorno de criptomonedas como BTC y BRZ, pero positivo en ETH. En términos de volumen de operaciones, IFH influyó de manera ambigua en BRZ, mientras que FEARS redujo el volumen de monedas BTC, USDT y USDC. Los distintos patrones de impacto identificados sugieren que el sentimiento de los inversores puede ser un indicador clave para formular estrategias en un mercado altamente volátil y emocionalmente reactivo.

Contribuciones del estudio: Contribuye significativamente a la literatura, al centrarse en el mercado brasileño de criptomonedas, que ha sido poco explorado en la investigación internacional. Utiliza un enfoque cuantil para examinar cómo el sentimiento de los inversores afecta a múltiples criptomonedas, ofreciendo un análisis más detallado y no lineal, algo poco común en la literatura. Además, al investigar el comportamiento de las criptomonedas en Brasil durante el Covid-19, se proporciona información fundamental sobre cómo las emociones colectivas como el miedo y la euforia afectan los movimientos del mercado, especialmente en un entorno dominado por inversores individuales, lo que hace que el estudio sea relevante para los mercados emergentes.

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Biografía del autor/a

Rayane Farias dos Santos, Universidade de Brasília (UnB)

Doutoranda em Ciências Contábeis na Universidade de Brasília. Mestra em Ciências Contábeis pela Universidade Federal da Paraíba.

César Augusto Tibúrcio Silva, Universidade de Brasília (UnB)

Doutor em Controladoria e Contabilidade pela Universidade de São Paulo. Professor titular na Universidade de Brasília. Departamento de Ciências Contábeis e Atuariais.

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Emociones e inversiones: la influencia del sentimiento de los inversores sobre las criptomonedas durante la pandemia de Covid-19

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Rayane Farias dos Santos, Universidade de Brasília (UnB)

César Augusto Tibúrcio Silva, Universidade de Brasília (UnB)

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