Data interpretation: Can you really make money by following KOLs to buy coins?

1. Researchers from Harvard Business School, Indiana University Business School, and Texas A&M University jointly published a research paper on cryptocurrency influencers, analyzing about 36,000 tweets posted by 180 well-known cryptocurrency social media influencers over a two-year period and their impact on the returns of related crypto assets.
2. The study found that while cryptocurrency influencers' tweets initially brought positive returns, in the long run, these tweets led to significant negative returns, indicating that their long-term investment value is very limited.
3. The impact of tweets is most obvious when certain conditions are met, such as the tokens mentioned are small-cap coins, the influencers have a large number of Twitter followers, and they claim to be experts.
4. The paper data shows that cryptocurrency influencers' tweets will bring positive returns in the short term (such as one or two days later), but this effect will drop significantly within five days after the tweet is posted, and the long-term returns are negative.
5. The study advises investors to be cautious in following the investment advice of cryptocurrency KOLs, because most gains will disappear shortly after the tweet is posted, and points out that regulators and business media may conduct more scrutiny on such behavior.