{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,4,24]],"date-time":"2026-04-24T05:37:11Z","timestamp":1777009031632,"version":"3.51.4"},"reference-count":63,"publisher":"MDPI AG","issue":"4","license":[{"start":{"date-parts":[[2026,4,13]],"date-time":"2026-04-13T00:00:00Z","timestamp":1776038400000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"funder":[{"DOI":"10.13039\/501100012456","name":"National Social Science Foundation of China","doi-asserted-by":"publisher","award":["23BJL106"],"award-info":[{"award-number":["23BJL106"]}],"id":[{"id":"10.13039\/501100012456","id-type":"DOI","asserted-by":"publisher"}]}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Entropy"],"abstract":"<jats:p>Existing approaches mainly characterize connectedness in four dimensions: node size, direction, spillover magnitude between nodes, and time variation. However, the sign of spillovers has not been explicitly incorporated into the analysis. To address this limitation, this paper introduces sign as a fifth dimension and constructs a five-dimensional signed network-topology framework based on BVAR historical decomposition. The framework is used to examine the evolution of spillover signs and to explore the multidimensional spillover effects among the cryptocurrency, NFT, and foreign exchange markets. The results show that the signed spillovers across these three markets vary over time during the sample period. On average, DXY exerts negative spillover effects on the cryptocurrency market, while ETH exerts more pronounced negative spillover effects on the NFT market. Furthermore, during the COVID-19 pandemic and the cryptocurrency crash period, BTC shifted from a net receiver of risk spillovers to a net transmitter. In terms of sign, spillover magnitudes vary relatively little across periods, whereas sign reversals occur more frequently.<\/jats:p>","DOI":"10.3390\/e28040439","type":"journal-article","created":{"date-parts":[[2026,4,13]],"date-time":"2026-04-13T14:10:48Z","timestamp":1776089448000},"page":"439","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":0,"title":["Signed Connectedness Among Cryptocurrencies, NFTs, and Foreign Exchange Markets"],"prefix":"10.3390","volume":"28","author":[{"given":"Shuang","family":"Yang","sequence":"first","affiliation":[{"name":"School of Management Science and Engineering, Nanjing University of Information Science & Technology, Nanjing 210044, China"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Xu","family":"Zhang","sequence":"additional","affiliation":[{"name":"School of Management Science and Engineering, Nanjing University of Information Science & Technology, Nanjing 210044, China"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Wenting","family":"Xu","sequence":"additional","affiliation":[{"name":"School of Management Science and Engineering, Nanjing University of Information Science & Technology, Nanjing 210044, China"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"1968","published-online":{"date-parts":[[2026,4,13]]},"reference":[{"key":"ref_1","doi-asserted-by":"crossref","first-page":"158","DOI":"10.1111\/j.1468-0297.2008.02208.x","article-title":"Measuring financial asset return and volatility spillovers, with application to global equity markets","volume":"119","author":"Diebold","year":"2009","journal-title":"Econ. J."},{"key":"ref_2","doi-asserted-by":"crossref","first-page":"57","DOI":"10.1016\/j.ijforecast.2011.02.006","article-title":"Better to give than to receive: Predictive directional measurement of volatility spillovers","volume":"28","author":"Diebold","year":"2012","journal-title":"Int. J. Forecast."},{"key":"ref_3","doi-asserted-by":"crossref","first-page":"119","DOI":"10.1016\/j.jeconom.2014.04.012","article-title":"On the network topology of variance decompositions: Measuring the connectedness of financial firms","volume":"182","author":"Diebold","year":"2014","journal-title":"J. Econom."},{"key":"ref_4","doi-asserted-by":"crossref","first-page":"2829","DOI":"10.1016\/j.jbankfin.2011.03.012","article-title":"Volatility transmission in emerging European foreign exchange markets","volume":"35","year":"2011","journal-title":"J. Bank. Financ."},{"key":"ref_5","doi-asserted-by":"crossref","first-page":"371","DOI":"10.1504\/IJEBR.2011.040950","article-title":"Return and volatility spillovers: Evidence from Indian exchange rates","volume":"3","author":"Kumar","year":"2011","journal-title":"Int. J. Econ. Bus. Res."},{"key":"ref_6","doi-asserted-by":"crossref","first-page":"801","DOI":"10.1016\/j.najef.2018.08.012","article-title":"Network connectedness and net spillover between financial and commodity markets","volume":"48","author":"Yoon","year":"2019","journal-title":"N. Am. J. Econ. Financ."},{"key":"ref_7","doi-asserted-by":"crossref","first-page":"2136","DOI":"10.1016\/j.physa.2017.11.132","article-title":"A global network topology of stock markets: Transmitters and receivers of spillover effects","volume":"492","author":"Shahzad","year":"2018","journal-title":"Phys. A Stat. Mech. Its Appl."},{"key":"ref_8","first-page":"28","article-title":"Volatility spillover: Dynamic regional and world effects","volume":"3","author":"Wang","year":"2010","journal-title":"Eur. J. Financ. Bank. Res."},{"key":"ref_9","doi-asserted-by":"crossref","first-page":"973","DOI":"10.1016\/j.jpolmod.2008.02.002","article-title":"Spillover effect of US dollar exchange rate on oil prices","volume":"30","author":"Zhang","year":"2008","journal-title":"J. Policy Model."},{"key":"ref_10","doi-asserted-by":"crossref","first-page":"206","DOI":"10.1016\/j.econmod.2014.11.014","article-title":"On the risk comovements between the crude oil market and US dollar exchange rates","volume":"52","author":"Keddad","year":"2016","journal-title":"Econ. Model."},{"key":"ref_11","doi-asserted-by":"crossref","first-page":"78","DOI":"10.1016\/j.eneco.2016.04.010","article-title":"The directional volatility connectedness between crude oil and equity markets: New evidence from implied volatility indexes","volume":"57","author":"Maghyereh","year":"2016","journal-title":"Energy Econ."},{"key":"ref_12","doi-asserted-by":"crossref","first-page":"68","DOI":"10.1016\/j.frl.2019.03.009","article-title":"Volatility spillover effects in leading cryptocurrencies: A BEKK-MGARCH analysis","volume":"29","author":"Katsiampa","year":"2019","journal-title":"Financ. Res. Lett."},{"key":"ref_13","doi-asserted-by":"crossref","first-page":"1030","DOI":"10.1016\/j.egyr.2022.05.186","article-title":"Volatility spillovers between ethanol and corn prices: A Bayesian analysis","volume":"8","author":"Yosthongngam","year":"2022","journal-title":"Energy Rep."},{"key":"ref_14","doi-asserted-by":"crossref","first-page":"103","DOI":"10.1016\/j.ribaf.2009.09.001","article-title":"Dynamic relationship between exchange rate and stock price: Evidence from China","volume":"24","author":"Zhao","year":"2010","journal-title":"Res. Int. Bus. Financ."},{"key":"ref_15","doi-asserted-by":"crossref","first-page":"399","DOI":"10.1016\/j.eneco.2017.07.008","article-title":"Dynamic spillover between commodities and commodity currencies during United States QE","volume":"66","author":"Yip","year":"2017","journal-title":"Energy Econ."},{"key":"ref_16","first-page":"139","article-title":"Price and volatility spillovers between stock prices and exchange rates: Empirical evidence from the G-7 countries","volume":"3","author":"Yang","year":"2004","journal-title":"Int. J. Bus. Econ."},{"key":"ref_17","doi-asserted-by":"crossref","first-page":"366","DOI":"10.1080\/03031853.2019.1694046","article-title":"Do oil prices and exchange rates account for agricultural commodity market spillovers? Evidence from the Diebold and Yilmaz Index","volume":"59","author":"Balcilar","year":"2020","journal-title":"Agrekon"},{"key":"ref_18","doi-asserted-by":"crossref","first-page":"106148","DOI":"10.1016\/j.eneco.2022.106148","article-title":"Nexus between oil shocks and agriculture commodities: Evidence from time and frequency domain","volume":"112","author":"Naeem","year":"2022","journal-title":"Energy Econ."},{"key":"ref_19","doi-asserted-by":"crossref","first-page":"887","DOI":"10.1080\/13504851.2014.896974","article-title":"Gold markets around the world\u2013who spills over what, to whom, when?","volume":"21","author":"Lucey","year":"2014","journal-title":"Appl. Econ. Lett."},{"key":"ref_20","doi-asserted-by":"crossref","first-page":"466","DOI":"10.1080\/13504851.2014.950789","article-title":"Which precious metals spill over on which, when and why? Some evidence","volume":"22","author":"Batten","year":"2015","journal-title":"Appl. Econ. Lett."},{"key":"ref_21","doi-asserted-by":"crossref","first-page":"96","DOI":"10.1016\/j.irfa.2015.09.004","article-title":"Intra-and inter-regional return and volatility spillovers across emerging and developed markets: Evidence from stock indices and stock index futures","volume":"43","author":"Yarovaya","year":"2016","journal-title":"Int. Rev. Financ. Anal."},{"key":"ref_22","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1016\/j.jfs.2015.05.003","article-title":"Financial stress spillovers across the banking, securities and foreign exchange markets","volume":"19","author":"Apostolakis","year":"2015","journal-title":"J. Financ. Stab."},{"key":"ref_23","doi-asserted-by":"crossref","unstructured":"Diebold, F.X., Liu, L., and Yilmaz, K. (2017). Commodity Connectedness, National Bureau of Economic Research.","DOI":"10.3386\/w23685"},{"key":"ref_24","doi-asserted-by":"crossref","first-page":"100878","DOI":"10.1016\/j.jfs.2021.100878","article-title":"Measuring the systemic importance of banks","volume":"54","author":"Moratis","year":"2021","journal-title":"J. Financ. Stab."},{"key":"ref_25","doi-asserted-by":"crossref","unstructured":"Cotter, J., Hallam, M., and Yilmaz, K. (2017). Mixed-Frequency Macro-Financial Spillovers, University College Dublin, Geary Institute.","DOI":"10.2139\/ssrn.2904536"},{"key":"ref_26","doi-asserted-by":"crossref","first-page":"164","DOI":"10.1108\/JFEP-10-2022-0256","article-title":"Cross-country categorical economic policy uncertainty spillovers: Evidence from a conditional connectedness TVP-VAR framework","volume":"15","author":"Nyakurukwa","year":"2023","journal-title":"J. Financ. Econ. Policy"},{"key":"ref_27","doi-asserted-by":"crossref","first-page":"262","DOI":"10.1016\/j.red.2004.10.009","article-title":"Drifts and volatilities: Monetary policies and outcomes in the post WWII US","volume":"8","author":"Cogley","year":"2005","journal-title":"Rev. Econ. Dyn."},{"key":"ref_28","doi-asserted-by":"crossref","first-page":"821","DOI":"10.1111\/j.1467-937X.2005.00353.x","article-title":"Time varying structural vector autoregressions and monetary policy","volume":"72","author":"Primiceri","year":"2005","journal-title":"Rev. Econ. Stud."},{"key":"ref_29","doi-asserted-by":"crossref","first-page":"5581843","DOI":"10.1155\/2021\/5581843","article-title":"Multiscale Systemic Risk and Its Spillover Effects in the Cryptocurrency Market","volume":"2021","author":"Zhang","year":"2021","journal-title":"Complexity"},{"key":"ref_30","doi-asserted-by":"crossref","first-page":"101766","DOI":"10.1016\/j.najef.2022.101766","article-title":"Multi-scale systemic risk and spillover networks of commodity markets in the bullish and bearish regimes","volume":"62","author":"Zhang","year":"2022","journal-title":"N. Am. J. Econ. Financ."},{"key":"ref_31","first-page":"2134901","article-title":"Is there any correlation between digital currency price fluctuation? Based on the DCC-GARCH and wavelet coherence analysis","volume":"36","author":"Jiang","year":"2023","journal-title":"Econ. Res.-Ekon. Istra\u017e."},{"key":"ref_32","doi-asserted-by":"crossref","first-page":"101298","DOI":"10.1016\/j.intfin.2021.101298","article-title":"Cyber-Attacks, Spillovers and Contagion in the Cryptocurrency Markets","volume":"74","author":"Caporale","year":"2021","journal-title":"J. Int. Financ. Mark. Inst. Money"},{"key":"ref_33","doi-asserted-by":"crossref","first-page":"101297","DOI":"10.1016\/j.frl.2019.09.012","article-title":"Non-Linearities, Cyber Attacks and Cryptocurrencies","volume":"32","author":"Caporale","year":"2020","journal-title":"Financ. Res. Lett."},{"key":"ref_34","doi-asserted-by":"crossref","first-page":"101293","DOI":"10.1016\/j.frl.2019.09.008","article-title":"Asymmetric volatility in cryptocurrency markets: New evidence from smooth transition GARCH models","volume":"35","author":"Cheikh","year":"2020","journal-title":"Financ. Res. Lett."},{"key":"ref_35","doi-asserted-by":"crossref","first-page":"141","DOI":"10.1016\/j.ribaf.2018.01.002","article-title":"Persistence in the cryptocurrency market","volume":"46","author":"Caporale","year":"2018","journal-title":"Res. Int. Bus. Financ."},{"key":"ref_36","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1007\/s40812-019-00138-6","article-title":"Cryptocurrencies: Market analysis and perspectives","volume":"47","author":"Giudici","year":"2020","journal-title":"J. Ind. Bus. Econ."},{"key":"ref_37","doi-asserted-by":"crossref","unstructured":"Kyriazis, N.A. (2019). A Survey on Efficiency and Profitable Trading Opportunities in Cryptocurrency Markets. J. Risk Financ. Manag., 12.","DOI":"10.3390\/jrfm12020067"},{"key":"ref_38","doi-asserted-by":"crossref","first-page":"37","DOI":"10.1016\/j.intfin.2019.02.003","article-title":"Cryptocurrency Market Contagion: Market Uncertainty, Market Complexity, and Dynamic Portfolios","volume":"61","author":"Antonakakis","year":"2019","journal-title":"J. Int. Financ. Mark. Inst. Money"},{"key":"ref_39","doi-asserted-by":"crossref","first-page":"71","DOI":"10.1016\/j.jmoneco.2019.05.008","article-title":"Global Spillover Effects of US Uncertainty","volume":"114","author":"Bhattarai","year":"2020","journal-title":"J. Monet. Econ."},{"key":"ref_40","doi-asserted-by":"crossref","first-page":"216","DOI":"10.3390\/fintech1030017","article-title":"The Non-Fungible Token (NFT) Market and Its Relationship with Bitcoin and Ethereum","volume":"1","author":"Ante","year":"2022","journal-title":"FinTech"},{"key":"ref_41","doi-asserted-by":"crossref","first-page":"102097","DOI":"10.1016\/j.frl.2021.102097","article-title":"Is non-fungible token pricing driven by cryptocurrencies?","volume":"44","author":"Dowling","year":"2022","journal-title":"Financ. Res. Lett."},{"key":"ref_42","doi-asserted-by":"crossref","first-page":"101969","DOI":"10.1016\/j.najef.2023.101969","article-title":"Liquidity spillovers between cryptocurrency and foreign exchange markets","volume":"68","author":"Nekhili","year":"2023","journal-title":"N. Am. J. Econ. Financ."},{"key":"ref_43","doi-asserted-by":"crossref","first-page":"100666","DOI":"10.1016\/j.mulfin.2020.100666","article-title":"Connectedness between cryptocurrencies and foreign exchange markets: Implication for risk management","volume":"59","author":"Chemkha","year":"2021","journal-title":"J. Multinatl. Financ. Manag."},{"key":"ref_44","doi-asserted-by":"crossref","unstructured":"Jang, S.M., Yi, E., Kim, W.C., and Ahn, K. (2019). Information flow between Bitcoin and other investment assets. Entropy, 21.","DOI":"10.3390\/e21111116"},{"key":"ref_45","doi-asserted-by":"crossref","unstructured":"Garc\u00eda-Medina, A., and Hern\u00e1ndez, J.B. (2020). Network analysis of multivariate transfer entropy of cryptocurrencies in times of turbulence. Entropy, 22.","DOI":"10.3390\/e22070760"},{"key":"ref_46","doi-asserted-by":"crossref","first-page":"177","DOI":"10.1016\/S0167-2231(01)00030-6","article-title":"Optimal Currency Crises","volume":"53","author":"Allen","year":"2000","journal-title":"Carnegie-Rochester Conf. Ser. Public Policy"},{"key":"ref_47","first-page":"25","article-title":"Forecasting with Bayesian vector autoregressions\u2014Five years of experience","volume":"4","author":"Litterman","year":"1986","journal-title":"J. Bus. Econ. Stat."},{"key":"ref_48","doi-asserted-by":"crossref","first-page":"100855","DOI":"10.1016\/j.gfj.2023.100855","article-title":"Tail risk transmission in technology-driven markets","volume":"57","author":"Naeem","year":"2023","journal-title":"Glob. Financ. J."},{"key":"ref_49","doi-asserted-by":"crossref","first-page":"21","DOI":"10.1016\/j.irfa.2014.05.001","article-title":"On financial contagion and implied market volatility","volume":"34","author":"Kenourgios","year":"2014","journal-title":"Int. Rev. Financ. Anal."},{"key":"ref_50","doi-asserted-by":"crossref","first-page":"100907","DOI":"10.1016\/j.jfs.2021.100907","article-title":"Two decades of contagion effect on stock markets: Which events are more contagious?","volume":"55","author":"Rogowicz","year":"2021","journal-title":"J. Financ. Stab."},{"key":"ref_51","doi-asserted-by":"crossref","first-page":"53","DOI":"10.1016\/j.jimonfin.2016.10.007","article-title":"European equity market integration and joint relationship of conditional volatility and correlations","volume":"71","author":"Virk","year":"2017","journal-title":"J. Int. Money Financ."},{"key":"ref_52","doi-asserted-by":"crossref","first-page":"34","DOI":"10.1186\/s40854-020-00198-x","article-title":"An empirical examination of investor sentiment and stock market volatility: Evidence from India","volume":"6","author":"Haritha","year":"2020","journal-title":"Financ. Innov."},{"key":"ref_53","doi-asserted-by":"crossref","first-page":"955","DOI":"10.1080\/14697688.2010.507214","article-title":"Exploring the relationship between investor sentiment and price volatility","volume":"11","author":"Yang","year":"2011","journal-title":"Quant. Financ."},{"key":"ref_54","doi-asserted-by":"crossref","unstructured":"Dro\u017cd\u017c, S., Minati, L., O\u015bwi\u0229cimka, P., Stanuszek, M., and Wa\u0327torek, M. (2019). Signatures of the crypto-currency market decoupling from the Forex. Future Internet, 11.","DOI":"10.3390\/fi11070154"},{"key":"ref_55","doi-asserted-by":"crossref","first-page":"101453","DOI":"10.1016\/j.frl.2020.101453","article-title":"Tail-risk spillovers in cryptocurrency markets","volume":"38","author":"Xu","year":"2021","journal-title":"Financ. Res. Lett."},{"key":"ref_56","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1111\/cwe.12349","article-title":"The COVID-19 pandemic and its impact on the global economy: What does it take to turn crisis into opportunity?","volume":"28","author":"Song","year":"2020","journal-title":"China World Econ."},{"key":"ref_57","doi-asserted-by":"crossref","first-page":"982","DOI":"10.1007\/s13132-022-00970-7","article-title":"Impact of COVID-19 pandemic on financial markets: A global perspective","volume":"14","author":"Ullah","year":"2023","journal-title":"J. Knowl. Econ."},{"key":"ref_58","doi-asserted-by":"crossref","first-page":"102145","DOI":"10.1016\/j.frl.2021.102145","article-title":"International stock market risk contagion during the COVID-19 pandemic","volume":"45","author":"Liu","year":"2022","journal-title":"Financ. Res. Lett."},{"key":"ref_59","doi-asserted-by":"crossref","first-page":"101528","DOI":"10.1016\/j.frl.2020.101528","article-title":"Financial markets under the global pandemic of COVID-19","volume":"36","author":"Zhang","year":"2020","journal-title":"Financ. Res. Lett."},{"key":"ref_60","doi-asserted-by":"crossref","first-page":"100477","DOI":"10.1016\/j.jbef.2021.100477","article-title":"Immune or at-risk? Stock markets and the significance of the COVID-19 pandemic","volume":"30","author":"Shannon","year":"2021","journal-title":"J. Behav. Exp. Financ."},{"key":"ref_61","first-page":"2317","article-title":"Impact of COVID-19 pandemic disease outbreak on the global equity markets","volume":"34","author":"Shaikh","year":"2021","journal-title":"Econ. Res.-Ekon. Istra\u017e."},{"key":"ref_62","doi-asserted-by":"crossref","first-page":"1088","DOI":"10.1016\/j.jebo.2021.06.016","article-title":"Feverish sentiment and global equity markets during the COVID-19 pandemic","volume":"188","author":"Huynh","year":"2021","journal-title":"J. Econ. Behav. Organ."},{"key":"ref_63","doi-asserted-by":"crossref","first-page":"103476","DOI":"10.1016\/j.frl.2022.103476","article-title":"Dynamic volatility connectedness among cryptocurrencies and China\u2019s financial assets in standard times and during the COVID-19 pandemic","volume":"51","author":"Li","year":"2023","journal-title":"Financ. Res. Lett."}],"container-title":["Entropy"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/www.mdpi.com\/1099-4300\/28\/4\/439\/pdf","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2026,4,24]],"date-time":"2026-04-24T04:41:17Z","timestamp":1777005677000},"score":1,"resource":{"primary":{"URL":"https:\/\/www.mdpi.com\/1099-4300\/28\/4\/439"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2026,4,13]]},"references-count":63,"journal-issue":{"issue":"4","published-online":{"date-parts":[[2026,4]]}},"alternative-id":["e28040439"],"URL":"https:\/\/doi.org\/10.3390\/e28040439","relation":{},"ISSN":["1099-4300"],"issn-type":[{"value":"1099-4300","type":"electronic"}],"subject":[],"published":{"date-parts":[[2026,4,13]]}}}