Study: Whale alerts are largely ineffective for trading signals

The whale alert, large exchange deposits, and price decline have relatively weak predictive power, indicating that whales' deposits in exchanges lack sufficient predictive power to become a reliable trading signal. VC and MM deposits may be slightly better predictive signals, but their absolute values are still relatively low, suggesting their actual effectiveness as trading signals is limited. On-chain indicators are effective in other aspects, such as analyzing the blockchain fundamentals, tracking illicit fund flows, or explaining price fluctuations.