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 participants — will not lead to “true alpha,” according to traders, despite the metric used to speculate on potential price movements 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.