Bitcoin whales are people or institutions that have amassed a large number of Bitcoins and can influence the crypto in a number of ways. Since BTC tokens are limited in supply, the more one has, the more they’ll be able to influence the market when they sell their coins.
In many cases, you can follow these bitcoin whales and watch out for the coming trends in the market well in advance. You can track a whale by its address, trades on crypto exchanges, order books and also their market capitalization and changes in it.
They are held responsible for sudden changes in price and people would understand whale behavior to get the best out of their crypto investments. If you have seen whales’ behavior, you must have realized that they are very calculated and they can influence the market a lot.
Bitcoin whales are wallet addresses that have large amounts of BTC in them. Dumping or exchanging a large amount of Bitcoin means that the price of the BTC will take fall. Small traders must observe the whales’ behavior like a hawk and brace for impact.
Since it is hard to track Bitcoin whales, you will have to analyze data released by crypto exchanges themselves. Look at their market capitalization and how it changes over time. These are great ways to track them and anticipate what is going to happen in the market.
If you have been in crypto space for some time and want to maximize your gains, you should definitely start to follow these whales.