Bitcoin whale watching is “good for social media” but not for valuable analysis, according to traders.
Tracking the wallet movements of Bitcoin (BTC) whales — a Bitcoin holder with a significant stake compared to smaller investors — will not lead to “true alpha,” according to traders, despite the metric used as a popular way to speculate on market sentiment for some time.
“Don't whale watch kids, it's not useful information,” Glassnode lead analyst James Check aka “Checkmatey” wrote in a June 15 X post.
“Not once have I seen true alpha extracted from whale watching. It's good for social media, but is almost never serious nor valuable analysis,” he added.
