Whales and the Microstructure of Bitcoin

Jean-Marc Figuet ()
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Jean-Marc Figuet: UB - Université de Bordeaux, BSE - Bordeaux sciences économiques - UB - Université de Bordeaux - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement

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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.

Keywords: JEL classification: G12 G14 G15 D53 E44; JEL classification: G12; G14; G15; D53; E44 (search for similar items in EconPapers)
Date: 2025-09-11
Note: View the original document on HAL open archive server: https://hal.science/hal-05250567v1
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