Whales and the Microstructure of Bitcoin

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.

Authors

Jean-Marc Figuet

Institutions

Université de Bordeaux (FR)
Bordeaux Sciences Économiques (FR)

Publication Details

Journal: SPIRE - Sciences Po Institutional REpository
Published: 2025-09-21
DOI: https://doi.org/10.5281/zenodo.17168644
Primary Topic: Marine animal studies overview
Type: article
Field-Weighted Citation Impact: 0.00

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article

Whales and the Microstructure of Bitcoin

Jean-Marc Figuet

Sep 21, 2025

SPIRE - Sciences Po Institutional REpository

Marine animal studies overview

article

Whales and the Microstructure of Bitcoin

Jean-Marc Figuet

September 21, 2025article en

Abstract

SPIRE - Sciences Po Institutional REpository

Université de Bordeaux (FR), Bordeaux Sciences Économiques (FR)

Openalex Percentile: Top 73%

Marine animal studies overview

DOI Open Access PDF OpenAlex

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Whales and the Microstructure of Bitcoin — Jean-Marc Figuet · SPIRE - Sciences Po Institutional REpository (2025) | TGRS Research Map | TGRS