Crypto:
30601
Bitcoin:
$58.595
% 1.32
BTC Dominance:
%53.3
% 0.09
Market Cap:
$2.13 T
% 0.20
Fear & Greed:
25 / 100
Bitcoin:
$ 58.595
BTC Dominance:
% 53.3
Market Cap:
$2.13 T

Bitcoin Whale Watching Is ‘Useless’ for Information, Investors Say

Bitcoin Whale

While tracking the movements of Bitcoin whales is popular on social media, traders argue that it does not provide valuable information for serious analysis.

Whales are believed to have the power to influence market shifts, but figures like Glassnode’s chief analyst James Check deny that whale activity leads to meaningful market predictions. The check states that social media’s “whale credibility” is not useful, emphasizing that it may be of interest to social media, but is worthless for serious analysis.

Although the transactions of Bitcoin whales are thought to have an impact on the market, the interpretation of these movements is complex and often inconclusive. Large dormant addresses becoming active may mean selling, but this is not always true.

Crypto analyst TXMC notes that whale movements are not reliable for accurate market predictions, noting that whale budgets are sometimes managed by firms with large budgets and individual clients at once.

Despite these differences, whale activities remain popular and attract a lot of attention on social media. For example, a post by crypto trader Marty Party discussing whale activity received more than 205,000 views. Some analysts also use whale packages to highlight their markets.

Crypto analysis firm CryptoQuant stated that whale demand continues to accelerate after a two-month downward trend. However, he is of the opinion that this information is generally available and its usefulness in predicting market information is limited.


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