关键词: 人工比特币市场, 关注度分配, 财富分布, 格式化特征, 巨鲸交易者

Abstract: This paper, employing a computational experimental approach, constructs an artificial Bitcoin market comprising whale traders, trend-following traders, and noise traders, and investigates the mechanism through which investor attention allocation affects wealth distribution. The findings reveal that the artificial Bitcoin market exhibits stylized features consistent with the real Bitcoin market, such as leptokurtic returns and volatility clustering. Over time, investor wealth distribution evolves from a relatively equal state to a relatively unequal one, ultimately displaying a “rich-get-richer” phenomenon. Exogenous shocks affecting investor attention allocation further exacerbate wealth inequality. Robustness analyses show that these conclusions hold even when varying the proportion of exogenous shocks, the proxies for exogenous shocks, the share of whale traders, and the proportion of noise traders. This paper not only expands the research boundaries on the market impact of investor attention allocation but also provides a new perspective for understanding the dynamics of investor wealth distribution.

Key words: artificial Bitcoin market, attention allocation, wealth distribution, stylized features, whale traders