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Whales and the Microstructure of Bitcoin

Year: 2025

Type: preprint

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.

Source: HAL (Le Centre pour la Communication Scientifique Directe)

DOI: 10.5281/zenodo.17168644

Author: Figuet, Jean-Marc

Institutions: Université de Bordeaux, Bordeaux Sciences Économiques

Language: English

Topic: Financial Markets and Investment Strategies

Subfield: Finance

Field: Economics, Econometrics and Finance

Domain: Social Sciences

Open Access status: green

OpenAlex ID: W4414818624

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