IDEAS home Printed from https://ideas.repec.org/a/eee/eneeco/v158y2026ics0140988326002446.html

Sheltering during the Russian-Ukraine Conflict: A Comparison between Bitcoin and Gold against Oil Shocks

Author

Listed:
  • Duan, Kun
  • Feng, Hao
  • Urquhart, Andrew
  • Yao, Kai
  • Ding, Ruosha

Abstract

This paper studies how the sheltering effectiveness of Bitcoin and gold against oil price shocks evolves during the ongoing RU conflict within a varying-coefficient quantile framework. Our findings support the ‘heterogeneous agent model’ where Bitcoin acts as a stronger safe-haven, hedge, or diversifier than gold for oil price fluctuations when the conflict intensity is low. However, their sheltering benefits tend to reverse such that oil exhibits a more negative price relationship with gold than with Bitcoin when there are extreme periods of oil turmoil and high conflict intensity concurrently, favoring ‘the flight to quality’. Moreover, the sheltering effectiveness of Bitcoin and gold for oil prices is shown to be similar to that for oil supply shocks but differs from oil demand and risk shocks. Further analysis indicates that their sheltering effectiveness is primarily explained by sentiment factors rather than fundamental factors during the conflict.

Suggested Citation

  • Duan, Kun & Feng, Hao & Urquhart, Andrew & Yao, Kai & Ding, Ruosha, 2026. "Sheltering during the Russian-Ukraine Conflict: A Comparison between Bitcoin and Gold against Oil Shocks," Energy Economics, Elsevier, vol. 158(C).
    • Handle: RePEc:eee:eneeco:v:158:y:2026:i:c:s0140988326002446
    DOI: 10.1016/j.eneco.2026.109365
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0140988326002446
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.eneco.2026.109365?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to

    for a different version of it.

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:eneeco:v:158:y:2026:i:c:s0140988326002446. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/eneco .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.