By Isaac • September 11, 2026 7:14 pm •
A new Federal Reserve Bank of Philadelphia study found that public whale alerts were followed by a fast, broad response from smaller Bitcoin wallets—but not by the same kind of participation shift on Ethereum.
The contrast is striking. In Bitcoin, non-whale wallets moved in the same direction as the alerted whale most sharply during the first 15 minutes.
Trending: Hackers just breached this top login protection service. Here’s what to do
On Ethereum, participation across wallet groups remained comparatively stable, with the clearest same-direction response concentrated among the largest non-whale sellers.
Bitcoin wallets moved quickly after public alerts.
The Federal Reserve Bank of Philadelphia working paper matched public Whale Alert notification times with transaction-level data for Bitcoin, Ethereum and Wrapped Bitcoin through the end of 2025.
The researchers defined
Continue reading
Join the conversation!
Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!