A study by the Federal Reserve Bank of Philadelphia finds that smaller Bitcoin wallets sharply increased trading activity within 15 minutes of large transfer alerts. Between December 2017 and end of 2025, researchers analyzed over 6,600 BTC transactions and 5,000 ETH transactions exceeding $50 million. After whale buy alerts, small and medium wallet buy participation jumped by 14.81 to 23.72 percentage points, while sell participation rose by 12.95 to 29.52 percentage points. Conversely, Ethereum traders largely ignored whale movements, with the strongest response at just 0.76 percentage points. The authors do not claim the alerts caused these trades or assess whether following whales was profitable.
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