Bitcoin whale watching is 'useless' for information 

A recent post by pseudonymous crypto trader Marty Party discussing Bitcoin whale activity garnered over 205,000 views.

“Bitcoin OG whales have sold over 50,000 BTC in the past 10 days, totaling approximately $3.30 billion,” Marty Party wrote on June 14.

“While you are scared, whales just bought $1.3 billion worth of Bitcoin,” Bitgrow Lab founder Viviek Sen wrote on June 14.

However, other analysts continue to rely on whale movements as an indicator of price movements.

On May 15, crypto analysis firm CryptoQuant said that Bitcoin whale demand is again in “acceleration mode” following a two-month downtrend.

“Bitcoin demand growth seems to be stabilizing after being in a decelerating trend since March,” it said.

CryptoQuant cited the data to claim that demand would need to accelerate further to sustain this price rally.