CryptoQuant CEO Ki Young Ju recommends tracking whales on exchanges with low liquidity depth to detect crucial whale-driven deals. He shared examples of trades from Huobi, BitMEX, ByBit, Deribit, and OKX futures trading platforms where all long positions were opened in January 2023. This accumulation period served as the basis for the rally that pushed Bitcoin over $31,400. Binance’s high trading volume makes it difficult to identify individual trading behavior, making it almost useless. Ki Young Ju recommends setting alerts for Taker Buy/Sell Ratio or long/short ratio to identify whale behavior. There is no secure “reverse indicator” for displaying bearish sentiment of whales, as they do not close long positions using market orders.

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