Figure 3
The image contains multiple line graphs arranged in a grid, each representing net pairwise directional connectedness between different variables. The graphs are organized into rows and columns, with each graph showing the relationship between two specific variables over time. The x-axis of each graph represents the years from 2022 to 2025, while the y-axis represents the net directional connectedness values. The graphs display various trends, peaks, and fluctuations in the connectedness values. The variables include NDX, SP, Brent, WTI, Gold, Silver, ICE, VIX, and several cryptocurrencies such as BTC, ETH, SAND, ZIL, RNDR, STX, MANA, AXS, and EGLD. Each graph is labeled with the corresponding variable pairs. The trends indicate how the connectedness values change over time for each pair of variables. All values are approximated.The net pairwise directional connectedness. Source: Authors’ own work