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Investors commonly exhibit the disposition effect - the irrational tendencyto sell their winning investments and hold onto their losing ones. While thisphenomenon has been observed in many traditional markets, it remains unclearwhether it also applies to atypical markets like cryptoassets. This paperinvestigates the prevalence of the disposition effect in Bitcoin usingtransactions targeting cryptoasset exchanges as proxies for sellingtransactions. Our findings suggest that investors in Bitcoin were indeedsubject to the disposition effect, with varying intensity. They also show thatthe disposition effect was not consistently present throughout the observationperiod. Its prevalence was more evident from the boom and bust year 2017onwards, as confirmed by various technical indicators. Our study suggestsirrational investor behavior is also present in atypical markets like Bitcoin.

Exploring investor behavior in Bitcoin: a study of the disposition effect