Abstract
The main purpose of this study is to investigate whether cryptocurrency investors on cryptocurrency exchanges around the world behave the same in response to cryptocurrency fluctuations. To provide a new model motivated by Han et al. (2022), we found that European investors are more sensitive to the most recent observable returns and more likely to change their behavior than Asian and North American investors. In addition, European investors are more tolerant of decreasing Ethereum prices than investors elsewhere. Lastly, Asian and North American investors are more tolerant of decreasing Bitcoin prices than European investors