本研究探討投資者於加密貨幣的關注度對加密貨幣市場羊群效應之影響，並參考Youssef (2022)的研究結果，探討關注度是否扮演加密貨幣市場波動度、美元指數和S&P500指數，傳遞羊群效應的橋樑；使用Google 搜尋量指數 (Google SVI) 作為衡量關注度的代理變數，在2017年至2022年期間篩選了21種加密貨幣的相關數據作為研究樣本，並使用Wanidwaranan和Padungsaksawasdi（2022）提出的迴歸模型進行分析。經實證發現：(1) 加密貨幣市場存在羊群效應；(2) 當加密貨幣之市場為負報酬時，投資者的加密貨幣關注度，對加密貨幣市場之羊群效應有顯著的正向影響，與Wanidwaranan和Padungsaksawasdi（2022）的結果一致；(3) 加密貨幣市場波動度、美元指數和S&P500指數會影響投資人的加密貨幣關注度。這些結果揭示了投資者注意力對加密貨幣市場中羊群效應的作用，並證實了市場因素對投資者注意力的影響。

The purpose of this research was to explore the impact of investor attention in the cryptocurrency market on the herding effect, and the study results of Youssef (2022) were taken as reference. It investigated whether investor attention served as a bridge for transmitting the herding effect in the cryptocurrency market through cryptocurrency market volatility, the U.S. dollar index, and the S&P 500 index. The study utilized the Google Search Volume Index (Google SVI) as a proxy variable to measure investor attention. Data from 21 cryptocurrencies during the period from 2017 to 2022 were selected as the research sample, and a regression model proposed by Wanidwaranan and Padungsaksawasdi (2022) was employed for analysis. The empirical findings indicated the following: (1) There was evidence of herding effect in the cryptocurrency market. (2) When the cryptocurrency market experienced negative returns, investor attention in cryptocurrencies had a significant positive impact on the herding effect, consistent with the findings of Wanidwaranan and Padungsaksawasdi (2022). (3) Cryptocurrency market volatility, the U.S. dollar index, and the S&P 500 index influenced investor attention in the cryptocurrency market. These results shed light on the role of investor attention in the herding effect in the cryptocurrency market and demonstrate the influence of market factors on investor attention.

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