An introduction to crypto whales, how to track whales buying cryptos, their significance, and the tools used in monitoring their activities.
Some people or organizations have more influence and power than others, and this set of people is called the Crypto Whales. This article will explain the crypto whale trading activities and how to track whales buying cryptos such as Bitcoin and other altcoins.
Who Are Crypto Whales?
A crypto whale is a person or organization that possesses a greater number of particular cryptocurrencies. A whale that owns enough cryptocurrencies can manipulate the coin or token value. There is no official threshold to be considered a crypto whale, but 1,000 coins are the most commonly used figure for BTC. The number is usually much higher for altcoins because the altcoin market caps are significantly lower than that of Bitcoin.
How To Track Whales Buying Cryptos
Let’s briefly discuss the whale’s trading activities and how to track whales buying crypto assets, considering the transparent nature of blockchain, it is possible to track crypto whales. When it comes to tracking whales buying crypto, we look at wallet addresses containing a minimum of 1,000 BTC. Any incoming or outgoing transactions from these wallets may interest market participants.
- Exchange-to-wallet
For security reasons, whales prefer to use cold wallets to store their crypto assets if they do not desire to sell them in the short term. If they withdraw certain crypto assets from exchange to their wallets indicates that the supply of these crypto-assets is reduced. As a result of this, the price of these crypto-assets will increase. However, if crypto whales withdraw stable coins to their cold wallets, the market conditions are very bad for investment, and the crypto asset prices will drop.
- Wallet-to-exchange
If a crypto whale transfers crypto to a known exchange wallet, the crypto whale has deposited crypto assets into its exchange account, and they plan to trade them soon. If a large sum of crypto assets such as BTC or ETH is deposited to the exchange wallets, the whales are considering selling them to the market, putting downward pressure on the market. However, depositing stable coins may indicate an investment plan, putting upward pressure on the market.
- Wallet-to-wallet
Crypto whales may transfer crypto from wallet to wallet; most times, they make over-the-counter crypto trades. The reasons are privacy and liquidity. OTC trades are usually untraceable, and the effects on the price are usually not as prominent as regular trades. However, a large transaction from a whale wallet to another wallet could be an OTC trade.
The transaction types do not mean any 100 percent specific outcomes. Because crypto whales also know these transactions are transparent, anyone can track them, so they may decide to move coins to trigger market reactions.
- Blockchain explorers
Blockchain explorers can be used to find the individual wallet addresses which have relatively fewer transactions but hold a great number of crypto assets. With Blockchain explorer, you can also see the exact number of tokens they have on the mainnet and the tokens they recently moved. Moreover, if you use Etherscan, a blockchain explorer for the Ethereum blockchain, you can use the watchlist on the Etherscan to set alerts to track transactions to and from a certain address.
- Whale Alert
Whale Alert offers tracking and alert services that track large transactions across major blockchains and tags known wallet addresses. You can join Whale Alert, the Twitter, and Telegram communities to track whale transactions in real-time.
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How Does Whale Alert Work?
Whale Alert is a site that tracks and records the movement of bitcoin whales, tracking and analyzing millions of transactions every day.
With whale alert, you can find out what the bitcoin whales are doing, their recent trades, and the large amounts of bitcoin they own. With This information, you can predict where the market will go. Whale trackers follow the wealthiest and biggest cryptocurrency addresses and send alerts whenever there are movements big enough to shake the market.
5 Best Crypto Whale Tracker Apps You Should Consider Using
Below is a list of crypto whale tracker sites for tracking whales buying crypto:
- WatcherGuru
- WhaleWatcher
- Whalema
- ClankApp
- Whale Alert
Tracking crypto whales can help you understand and contextualize market movements and patterns. However, your trading and investing decisions should not depend solely on such methods.
The cryptocurrency market is unregulated and lacks the checks and balances of a traditional market. This means that market manipulation is far easier and more common, with crypto whales trying to stay ahead of the curve.
Kindly drop your view and opinion in the comment section on what you think about this article on how to track whales buying crypto?
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