<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>2448-6655</journal-id>
<journal-title><![CDATA[Análisis económico]]></journal-title>
<abbrev-journal-title><![CDATA[Anál. econ.]]></abbrev-journal-title>
<issn>2448-6655</issn>
<publisher>
<publisher-name><![CDATA[Universidad Autónoma Metropolitana, Unidad Azcapotzalco, División de Ciencias Sociales y Humanidades]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2448-66552026000100107</article-id>
<article-id pub-id-type="doi">10.24275/uam/azc/dcsh/ae/2026v41n106/urban</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Volumen de transacciones, rendimientos y volatilidad del Bitcoin: Modelo de Heterocedasticidad Condicional Asimétrica (2017-2024)]]></article-title>
<article-title xml:lang="en"><![CDATA[Trading volume, returns, and volatility of Bitcoin: Asymmetric Conditional Heteroskedasticity Model (2017-2024)]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Urbán Cortés]]></surname>
<given-names><![CDATA[María Fernanda]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Rosas Rojas]]></surname>
<given-names><![CDATA[Eduardo]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Actuaría BBVA México  ]]></institution>
<addr-line><![CDATA[ Ciudad de México]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad Autónoma del Estado de México  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>04</month>
<year>2026</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>04</month>
<year>2026</year>
</pub-date>
<volume>41</volume>
<numero>106</numero>
<fpage>107</fpage>
<lpage>124</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S2448-66552026000100107&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S2448-66552026000100107&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S2448-66552026000100107&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[RESUMEN Este estudio analiza la relación entre el volumen de transacciones, la volatilidad y los rendimientos de Bitcoin, demostrando que la volatilidad suele estar sobreestimada cuando no se considera el volumen negociado. Se emplea el modelo asimétrico GJR-GARCH para capturar la dinámica de la volatilidad condicional y evaluar su reacción ante choques positivos y negativos. El análisis abarca el periodo 2017-2024 y cuatro submuestras identificadas mediante la prueba de BaiPerron para detectar quiebres estructurales. Los resultados indican que la alta volatilidad observada en estudios previos se debe, en gran parte, al bajo volumen de transacciones. Además, se encontró una relación positiva entre el volumen y los rendimientos, así como entre el volumen y la volatilidad en todas las submuestras. Finalmente, se identificó un efecto de apalancamiento tradicional en periodos de crisis y un efecto de apalancamiento inverso en fases expansivas, evidenciando la compleja dinámica del mercado del Bitcoin.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[ABSTRACT This study analyzes the relationship between trading volume, volatility, and Bitcoin returns, demonstrating that volatility is often overestimated when trading volume is not considered. The asymmetric GJR-GARCH model is employed to capture the dynamics of conditional volatility and assess its reaction to positive and negative shocks. The analysis covers the period from 2017 to 2024 and four subsamples identified using the Bai-Perron test to detect structural breaks. The results indicate that the high volatility observed in previous studies is largely due to low trading volume. Additionally, a positive relationship was found between volume and returns, as well as between volume and volatility across all subsamples. Finally, a traditional leverage effect was identified during crisis periods, while an inverse leverage effect was observed in expansion phases, highlighting the complex dynamics of the Bitcoin market.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[Bitcoin]]></kwd>
<kwd lng="es"><![CDATA[Volatilidad]]></kwd>
<kwd lng="es"><![CDATA[Volumen de transacciones]]></kwd>
<kwd lng="es"><![CDATA[GJR-GARCH]]></kwd>
<kwd lng="en"><![CDATA[Bitcoin]]></kwd>
<kwd lng="en"><![CDATA[Volatility]]></kwd>
<kwd lng="en"><![CDATA[Trading volume]]></kwd>
<kwd lng="en"><![CDATA[GJR-GARCH]]></kwd>
</kwd-group>
</article-meta>
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