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Connectedness Across Healthcare Cryptocurrencies, DeFi, and NFTs Tokens: Which Global Risk Factors Should Be Given More Attention?

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  • Nasir Khan
  • Khaled Guesmi
  • Tong Su
  • Brian Lucey

Abstract

The study examines interconnectedness among categories of cryptocurrencies, healthcare cryptocurrencies, decentralized finance indices (DeFi), and non‐fungible tokens using TVP‐VAR extended joint connectedness, based on daily data from September 4, 2019, to July 31, 2024. The outcomes indicate that DeFi is the return shock and leading net transmitter, while healthcare cryptocurrencies are the net receivers. Secondly, we also analyze the effect of four news‐based global uncertainties on total returns using the BVAR model. The outcomes reveal that geopolitical risk (GPR) does not significantly influence global connectedness; however, some individual DeFi protocols, such as Chain Link, Tezos, and Maker, respond positively to GPR. Conversely, economic policy uncertainty reduces the total connectedness index, while infectious disease equity market volatility increases it. Using weekly data covering cryptocurrency uncertainty indices, exerts a positive effect on total return connectedness. The findings underline the influential crypto assets and should be monitored by investors and policymakers.

Suggested Citation

  • Nasir Khan & Khaled Guesmi & Tong Su & Brian Lucey, 2026. "Connectedness Across Healthcare Cryptocurrencies, DeFi, and NFTs Tokens: Which Global Risk Factors Should Be Given More Attention?," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 46(5), pages 878-903, May.
    • Handle: RePEc:wly:jfutmk:v:46:y:2026:i:5:p:878-903
    DOI: 10.1002/fut.70085
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