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There are four primary methods for tracking whale activity, including monitoring known whale addresses, order books, unexpected changes in market capitalization, and trades on cryptocurrency exchanges.
Occasionally, whales are blamed for abrupt price changes in the crypto and conventional markets. Given their capacity to manipulate market prices, Bitcoin (BTC) investors, in general, must comprehend the characteristics that define a whale and its overall impact on trade.
Bitcoin whales are wallet addresses that store enormous sums of Bitcoin. Dumping or moving vast sums of BTC from one wallet to another has a detrimental effect on the price, causing losses for smaller traders. Tracking Bitcoin whales in real-time enables smaller traders to make lucrative transactions in a volatile market.
Despite Bitcoin’s global and decentralized character, identifying and monitoring whales is as simple as downloading easily accessible transaction data from cryptocurrency exchanges and services. There are four primary methods for tracking whale activity, including monitoring known whale addresses, order books, unexpected changes in market capitalization, and trades on cryptocurrency exchanges.
Monitoring known whales give smaller investors a head start as the likelihood of encountering a whale deal grows dramatically. In addition, monitoring market fluctuations via order books and trades on cryptocurrency exchanges reveal inbound whale trades, which may be leveraged to generate profits during periods of turbulence.
Additionally, the crypto community uses free services that tell investors about successful whale deals, often giving details about the sender’s and recipient’s wallets and the amount. As seen above, one of the most popular platforms for automatically tracking whale deals is @whale_alert on Twitter, which sends out alerts regarding significant transactions.
Cointelegraph highlighted in a recent market update that on-chain data showed the top Bitcoin holders were unwilling to act at present levels. Analyst at BlockTrends Caue Oliveira corroborated the conclusion above by stressing the continuation of “hibernation” among whale wallets.
“Institutional movements, commonly called ‘whale activity’, can be tracked based on the transaction volume moved over a short period, both denominated in BTC and USD.”
In addition, several altcoins continue to mirror Bitcoin’s negative tendencies as whales await a market-wide mood improvement.