According to BlockBeats, on August 1, CryptoQuant CEO Ki Young Ju stated on social media that whales are gearing up for the next altcoin rebound. He noted that the volume of limit buy orders for altcoins, excluding Bitcoin and Ethereum, is increasing, indicating the formation of strong buy walls.
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In trading platforms, market orders generate 'eating volume,' while limit orders generate 'hanging volume.' Whales and institutions, such as market makers and brokers, typically use limit orders for large transactions to avoid slippage.
This indicator is derived by calculating the cumulative difference between buy and sell order volumes using a one-year moving window. An upward trend in this metric suggests an increase in buy order volume, signalling the formation of more robust buy walls.