**4. Empirical Results**

In Tables 1 and 2, we categorize cryptocurrencies into eight groups based on the Amihud's illiquidity ratio in order to detect investors' trading preferences during the distressed bearish period investigated. The first group represents the most liquid digital currencies whereas the eighth group is comprised by the least liquid ones.


### **Table 1.** Groups of most liquid cryptocurrencies.


### *J. Risk Financial Manag.* **2019**, *12*, 135
