  Analyzing investors' trading behavior in cryptoasset markets provides new
evidence supporting the theory that retail investors likely exhibit behavioral
biases. We investigate the price discovery process between Thailand's most
highly liquid exchange and the global exchange. Under the no-arbitrage
assumption, bid-offer quotes in the local exchange should quickly move to match
the new price levels in the global exchange, as the price process of
cryptoassets in the local exchange does not contain new information that can
lead the price dynamic in the global exchange. We analyze intraday bid-offer
quotes and investors' portfolio positions and find that investors exhibit the
disposition effect by attempting to sell their profitable positions during
market upturns. The rate of bid-offer movement is significantly slow to match a
new global price level only in situations when most investors in the market are
in profit. These insights are crucial as they suggest that the risk-return
characteristics of asset prices between the bull and bear market may differ,
resulting from investors' behavioral biases.
