This study examines the resilience of Bitcoin and Ethereum to inflation and financial instability amidst major economic and political disruptions, including the U.S.-China trade war, the COVID-19 pandemic, the Ukrainian conflict, the collapse of Silicon Valley Bank, and the ensuing energy crisis. We employ wavelet coherence analysis and the quantile coherence method to unravel the complex relationship between these cryptocurrency prices, the 5-year breakeven inflation rate, and the U.S. Financial Stress Index (FSI), utilizing daily data from April 16, 2018, to April 14, 2023. Our results reveal that during turbulent times, investors adjust their Bitcoin holdings in response to inflation expectations, driving up Bitcoin prices in both the short and long term. However, Bitcoin’s effectiveness as an inflation hedge diminishes in bearish market conditions, and it proves unreliable as a hedge against financial instability. The relationship between Ethereum and inflation expectations is found to be more context-dependent. Also, while Ethereum’s vulnerability to financial instability is less persistent in the long run, it increases in bearish markets.

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关于加密货币的弹性：通货膨胀和金融不稳定时期比特币和以太坊反应的分位数频率分析

这项研究考察了比特币和以太坊在重大经济和政治动荡中对通货膨胀和金融不稳定的抵御能力，包括中美贸易战、COVID-19 大流行、乌克兰冲突、硅谷银行倒闭以及随之而来的能源危机危机。我们利用2018年4月16日至4月14日的每日数据，采用小波相干分析和分位数相干方法来揭示这些加密货币价格、5年盈亏平衡通胀率和美国金融压力指数（FSI）之间的复杂关系，2023年。我们的结果显示，在动荡时期，投资者会根据通胀预期调整其比特币持有量，从而在短期和长期内推高比特币价格。然而，比特币作为通胀对冲工具的有效性在看跌的市场条件下会减弱，并且事实证明它作为对冲金融不稳定的工具并不可靠。人们发现以太坊和通胀预期之间的关系更加依赖于环境。此外，虽然从长远来看，以太坊对金融不稳定的脆弱性不太持久，但在熊市中它会增加。