{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,8,14]],"date-time":"2026-08-14T21:28:34Z","timestamp":1786742914076,"version":"build-2736575974"},"posted":{"date-parts":[[2026]]},"group-title":"SSRN","reference-count":0,"publisher":"Elsevier BV","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":[],"abstract":"<jats:p>Prior event studies of cryptocurrency responses to geopolitical shocks typically use short evaluation windows of 30-60 minutes. We document that for weekend-onset shocks, during which futures markets are closed for 30-43 hours, such windows systematically mismeasure the cumulative response. Using secondlevel data for BTC, ETH, SOL, and XRP spot (Binance) and perpetual (Bybit) contracts spanning the 2023 Israel-Hamas conflict, the April 2024 Iran-Israel direct exchange, and the 2026 Iran War, we decompose cumulative log returns into Asian, European, and US retail-session contributions. Across the two major weekend events, the single US Saturday-evening session accounts for 67% to 126% of the cumulative response, with Asian and European sessions contributing materially less. The IRN_ISR_24 crash (BTC-872 bps cumulative) and the IRN_WAR_26 rally (BTC +530 bps cumulative) are both dominated by the first US session after onset. Spot and perpetual decompositions agree within 5 percentage points. The session-concentration pattern is difficult to reconcile with a session-invariant digital-gold interpretation and indicates that short-window event studies can understate response magnitudes by a factor of five or more and, in the 2026 case, invert the sign of the observed trajectory.<\/jats:p>","DOI":"10.2139\/ssrn.6600698","type":"posted-content","created":{"date-parts":[[2026,4,20]],"date-time":"2026-04-20T16:34:01Z","timestamp":1776702841000},"source":"Crossref","is-referenced-by-count":0,"title":["Session-dependent cryptocurrency responses to weekend-onset geopolitical shocks"],"prefix":"10.2139","author":[{"ORCID":"https:\/\/orcid.org\/0009-0005-8477-9393","authenticated-orcid":true,"given":"Boon Chuan","family":"Lim","sequence":"first","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"78","container-title":[],"original-title":[],"deposited":{"date-parts":[[2026,8,14]],"date-time":"2026-08-14T20:35:01Z","timestamp":1786739701000},"score":1,"resource":{"primary":{"URL":"https:\/\/www.ssrn.com\/abstract=6600698"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2026]]},"references-count":0,"URL":"https:\/\/doi.org\/10.2139\/ssrn.6600698","relation":{},"subject":[],"published":{"date-parts":[[2026]]},"subtype":"preprint"}}