Bitcoin Market Structure Analyzed Through Game Theory Framework

Bitcoin Game Theory Framework: a new approach to analyzing market structure by tracking coordination between miners, investors, traders, and institutions. The framework uses price and participant alignment to identify when the balance begins to break down, as seen in May 2022 and October 2025 downturns. The current market reflects a transition between different groups of whales, with long-term whales completing their accumulation phase and newer whales still building positions.