**Appendix B. Multifractality Test Results**

*Appendix B.1. Hypothesis Test Results on Daily Bitcoin Open Price Data—Annual Breakdown*

We explore for the existence of multifractality for each calendar year. The results are shown in Tables A2 and A3.


**Table A2.** Local hypothesis test results on daily Bitcoin open prices.

**Table A3.** Global Hypothesis test results on daily Bitcoin open prices.


#### *Appendix B.2. Hypothesis Test Results on High Frequency Bitcoin Price Data*

The high frequency Bitcoin price data are divided into 6 equal-length time periods with 67,681 observations in each time period. The results are presented as follows:

**Table A4.** Local hypothesis test results on high frequency Bitcoin open prices.


**Table A5.** Global Hypothesis test results on high frequency Bitcoin open prices.

