Connectedness between fintech tokens and high-tech stocks from COVID to the US presidential election

We investigate and find that the interconnectedness between fintech tokens and high-tech stocks increases during the COVID-19 pandemic, the Russia-Ukraine war, the emergence of ChatGPT, FOMC interest rate policies, and the 2024 U.S. presidential election. The spillover roles of fintech tokens and high-tech stocks are state-dependent and heterogeneous across individual assets. While several fintech tokens emerge as important net transmitters during bullish markets, transmitter and receiver roles vary across market regimes rather than remaining uniform within each asset class. These results highlight the asymmetric nature of spillovers and underscore the potential diversification benefits during market uncertainty, offering insights for portfolio allocation and systemic risk assessment. Furthermore, the five global events exhibit heterogeneous impacts on connectedness, with health, geopolitical, technological, monetary policy, and political shocks generating distinct spillover patterns between fintech tokens and high-tech stocks.