Table 5.

Net transfer entropy values, January 1, 2020–April 15, 2021.

Cryptos	Panic	Media Hype	Fake	Sentiment	Infodemic	Media Coverage
BTC	−0.0050	−0.0164	−0.0051	−0.0085	−0.0082	−0.0076
ETH	−0.0022	−0.0188	−0.0004	−0.0165	−0.0093	−0.0001
BNB	−0.0253	−0.0245	−0.0142	−0.0171	−0.0114	−0.0036
XRP	0.0045	−0.0039	−0.0002	−0.0003	−0.0032	−0.0079
USDT	−0.0253	−0.0245	−0.0142	−0.0171	−0.0114	−0.0036
DOGE	−0.0061	−0.0074	−0.0072	0.0009	−0.0056	−0.0070
ADA	−0.0024	−0.0047	−0.0013	−0.0031	−0.0023	−0.0009
BCH	−0.0022	−0.0203	−0.0188	0.0040	−0.0165	−0.0093
LTC	−0.0112	−0.0045	0.0036	0.0057	−0.0085	0.0077
LINK	−0.0119	−0.0057	−0.0061	−0.0033	−0.0059	−0.0040
VET	−0.0053	−0.0046	−0.0066	0.0091	−0.0082	−0.0010
XLM	−0.0053	−0.0110	−0.0021	−0.0001	−0.0019	−0.0017
THETA	−0.0020	−0.0085	0.0046	−0.0012	−0.0048	−0.0078
TRX	−0.0125	−0.0085	−0.0030	−0.0053	−0.0033	−0.0082
XMR	−0.0051	−0.0132	−0.0223	−0.0003	−0.0133	−0.0108
LUNA	−0.0064	−0.0032	−0.0086	−0.0072	−0.0078	−0.0106
EOS	0.0198	−0.0001	−0.0042	−0.0062	−0.0001	0.0065
MIOTA	−0.0076	−0.0100	−0.0071	−0.0032	−0.0104	−0.0010
CRO	−0.0094	−0.0078	−0.0105	0.0039	−0.0126	0.0004
BTT	0.0206	−0.0065	−0.0009	−0.0018	−0.0051	−0.0043
HT	−0.0100	−0.0024	−0.0063	−0.0036	−0.0054	−0.0030
XTZ	−0.0056	0.0020	−0.0018	−0.0041	−0.0008	0.0002
ETC	0.0280	−0.0044	0.0015	−0.0034	0.0035	−0.0098
ALGO	0.0250	−0.0034	−0.0058	0.0011	−0.0035	0.0040
DAI	−0.0027	−0.0202	−0.0138	−0.0300	−0.0155	−0.0330
RUNE	−0.0002	−0.0013	−0.0053	0.0032	−0.0012	−0.0082
DASH	−0.0008	−0.0164	−0.0058	−0.0115	−0.0168	−0.0157
CHZ	0.0110	−0.0047	−0.0043	0.0030	−0.0043	−0.0027
XEM	0.0143	−0.0014	0.0145	−0.0063	−0.0038	−0.0010
STX	−0.0103	−0.0093	−0.0003	−0.0063	−0.0008	−0.0011

Notes: Net transfer entropy (${NetTE}_{X,Y}\left(k,l\right)$) is estimated based on the Eq. (4). A positive NetTE indicates the direction of information flow is from Y to X and if the value is negative the information flow is in the opposite direction i.e., from X to Y. In Table 5, X is the news proxy and Y is cryptocurrency return.