Table 2.

Linear Granger Causality Tests.

Panel A: Linear Granger Causality Tests for TEU
TEU-ENG		TEU-USA		TEU-WGT		TEU-SCA
Variable	F-stat	Variable	F-stat	Variable	F-stat	Variable	F-stat
BTC	0.972	BTC	1.179	BTC	1.216	BTC	1.402
ETH	2.550**	ETH	1.981*	ETH	2.073*	ETH	1.838*
BNB	1.606	BNB	2.749**	BNB	3.604***	BNB	2.652**
ADA	1.774*	ADA	1.178	ADA	1.018	ADA	1.434
XRP	2.377**	XRP	0.762	XRP	1.174	XRP	0.557
DOGE	0.326	DOGE	0.725	DOGE	0.996	DOGE	0.896
BCH	2.342**	BCH	1.620	BCH	1.767*	BCH	1.795*
LTC	2.158**	LTC	1.361	LTC	1.369	LTC	1.278
ETC	1.104	ETC	0.875	ETC	0.807	ETC	0.881
XLM	0.964	XLM	0.977	XLM	0.916	XLM	1.071

Panel B: Linear Granger Causality Tests for TMU
TMU-ENG		TMU-USA		TMU-WGT		TMU-SCA
Variable	F-stat	Variable	F-stat	Variable	F-stat	Variable	F-stat
BTC	0.845	BTC	0.602	BTC	0.465	BTC	0.478
ETH	0.728	ETH	0.375	ETH	0.510	ETH	0.442
BNB	2.418**	BNB	1.203	BNB	1.120	BNB	1.057
ADA	1.350	ADA	0.856	ADA	0.589	ADA	0.827
XRP	0.325	XRP	0.367	XRP	0.360	XRP	0.309
DOGE	1.235	DOGE	1.229	DOGE	1.347	DOGE	1.064
BCH	0.979	BCH	0.881	BCH	0.687	BCH	0.874
LTC	0.947	LTC	0.748	LTC	0.490	LTC	0.640
ETC	0.563	ETC	0.696	ETC	0.578	ETC	0.570
XLM	1.054	XLM	0.592	XLM	0.703	XLM	0.564

Note: The null hypothesis of non-linear Granger causality can be defined as: $H_0:\left\{X_t\right\}$ is not Granger causing $\left\{Y_t\right\}$; where under this stated null hypothesis, Y_t+1 is conditionally independent of current and past values of x_t, given current and past values of Y_t. ***, ** and * denote significant at 1%, 5% and 10% level respectively.