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- Small-time BTC investors can benefit much from monitority whale activity.
- There are four ways for monitoring BTC whales.
- BTC whales are basically wallet addresses holding large amounts of BTCs.
The ever happening price fluctuations in the crypto and traditional markets are attributed to Whales. Whales hold the power to bring about major price changes. Therefore, it is quite important for Bitcoin investors to understand how a whale comes into being and have an overall impact on trading.
BTC whales are referred to as wallet addresses that hold BTC in large quantities. Transferring large amounts of BTCs or Dumping affects the prices in a negative way. In turn inflicting losses on short traders. Therefore, it is beneficial for small-time traders to track Bitcoin whales in real-time. In order to perform some profitable trades while the ever-changing crypto market.
Analyzing and accessing trading data available on crypto exchanges and services helps in tracking and monitoring whales. Even though Bitcoin is a global and decentralized entity. Monitoring known whale addresses, trades on crypto exchanges, order books and sudden changes in market capitalization, are the four basic methods of tracking whale activities.
Smaller investors receive a kick start after monitoring whales in the crypto market. Furthermore, the signals about incoming whale trades are received via order books and trades on crypto exchanges. These traders can be utilised for some gain during the periods of volatility.
Meanwhile the amazing crypto community provides free services that provide information regarding the successful whale trades. The information is often about the amount and sender’s and receiver’s wallets. @whale_alert on Twitter is one such service, which is quite popular among crypto enthusiasts. It provides alerts about the large transaction.
Caue Oliveira, a BlockTrends analyst, talked about the continuous “hibernation” about whale wallets. Oliveira said the Institutional movements are commonly referred to as ‘whale activity.’ This whale activity can be tracked on the basis of transaction volume moved over a short period of time, both denominated in USD and BTC.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
