Whales and the Microstructure of Bitcoin

Jean-Marc Figuet

Working Papers from HAL

Abstract: This paper analyzes the influence of Bitcoin whales on price formation through the lens of market microstructure. Whales affect volatility and liquidity not only via large trades but also by sending strong informational signals. Despite a gradual diffusion of ownership and the rise of derivatives, whales remain structurally capable of destabilizing or stabilizing Bitcoin's market dynamics.

Date: 2025-09-11
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