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Bitcoin (BTC) Whales Should Only Be Tracked on These Exchanges, CryptoQuant CEO Says

Sat, 06/24/2023 - 17:25
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Vladislav Sopov
There is only one category of exchanges that should be tracked to understand whales' behavior, CryptoQuant's Ki Young Ju says
Bitcoin (BTC) Whales Should Only Be Tracked on These Exchanges, CryptoQuant CEO Says
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Renowned on-chain analyst Ki Young Ju, CEO and founder of CryptoQuant, a top-tier analytical platform, shared a counterintuitive "pro tip" for those who are interested in tracking whales (large holders of a cryptocurrency), whose behavior is associated with market moves.

Track BTC whales on low-liquid exchanges, not Binance, CryptoQuant CEO says

In order to detect the most crucial whale-driven deals, Ki Young Ju recommends to pay attention to exchanges with low liquidity deepness. To illustrate this take, he shared some examples of trades from Huobi, BitMEX, ByBit, Deribit and OKX futures trading platforms.

All long positions in his analysis were opened in January 2023 when Bitcoin (BTC) moved sideways between $16,500 and $18,000. This period of accumulation then served as a basis for the rally that pushed Bitcoin (BTC) over $31,400.

As displayed by Ki Young Ju, a number of "visible" trades were made by whales in this accumulation period. A Huobi whale managed to long Bitcoin (BTC) at $16,819.

Whales from other low-liquid exchanges also opened longs below $17,000. As such, they are close to having their positions doubled even with zero leverage.

By contrast, should we take the statistics of Binance (BNB), it is almost useless since its trading volume is too high:

Binance's large trading volume makes it difficult to identify individual trading behavior, unlike smaller exchanges

By printing time, Bitcoin (BTC) is changing hands at $30,640 on major spot platforms.

No reliable "sell" indicators in Bitcoin (BTC) futures

To reliably identify the behavior of whales, Ki Young Ju recommended to set alerts for Taker Buy/Sell Ratio, or long/short ratio. Once this or that whale opens a long position, it spikes rapidly.

At the same time, there is no "reverse indicator" that is secure for displaying bearish sentiment of whales. As they do not close long positions using market orders, this indicator cannot be used for "shorts" detection.

$100 Million in Bitcoin (BTC) Positions Liquidated in Most Painful Session for Bears in Months

As covered by U.Today previously, the trading session of June 21, 2023, was the most painful for Bitcoin (BTC) bears. Futures traders lost over $100 in positions that were largely "shorts."

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About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (, Monoreto, Attic Lab etc.)