"Following Bitcoin (BTC) whales' wallet movements will not lead to 'true alpha,' traders say, despite the metric's long-standing use to speculate on potential price movements. 'Don't follow whales, it's not useful information,'" wrote a leading analyst Glassnode James Check added that he has almost never seen valuable analysis based on whale sightings. However, some analysts continue to rely on whale movements as an indicator of price fluctuations.