Last night, everyone saw the market after the PCE data was released. After the bulls were forcefully liquidated, without big whale funds supporting the price, the cryptocurrency price immediately plunged. This is the value of tracking on-chain large orders—real monetary actions are more reliable than any news.

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Today, we will thoroughly explain the tactics of on-chain large orders, breaking down everything step by step from basic concepts to practical case studies.

First, understand the basics: What is an on-chain large order signal

To track the main force, first distinguish between two scenarios: the logic of CEX and DEX are completely different.

• CEX, which stands for centralized exchanges, such as OKX, Binance, and Coinbase, where user assets are managed by the platform. When large amounts of tokens are withdrawn from the exchange's hot wallet to a personal address, it means the funds are leaving the platform's control and cannot be sold at any time to crash the market.
• DEX, or decentralized exchanges, such as Hyperliquid and Uniswap, where users hold their own private keys and all transactions and positions are completed through smart contracts, with all on-chain data being completely public and transparent.

Take last night's market as an example; there was a major whale who kept increasing long positions before the PCE announcement. When the data was released and did not meet expectations, they immediately stopped losses and exited, abandoning market support, causing the price to collapse instantly. These movements can only be seen directly through on-chain data and are not misleading. Although the principle may sound a bit obscure, following the logic through makes it understandable. Once you get started, you can analyze a few instances yourself and quickly get the hang of it.

Four most common on-chain large order signals

On-chain large order movements can vary greatly; not every large order indicates bullish sentiment, so let's clarify these four fundamental signals:

1. CEX hot wallet large outflows

This refers to large amounts of tokens being withdrawn from the exchange to new or unknown personal addresses.

For example, if a large amount of HYPE is withdrawn from Coinbase to a personal wallet, the most straightforward interpretation is that the whale has bought a significant amount of chips on the exchange, transferred them to a cold wallet for long-term holding, and does not intend to trade or sell in the short term, signaling a slightly positive market outlook.

2. Transfers from exchanges to DEX liquidity pools

Funds moving from centralized exchanges to DEX liquidity pools indicate intentions to open positions.

This type of signal is very directional, indicating that a whale is arranging positions on a decentralized exchange, with real funds entering the market, usually followed by protective actions. For instance, the previously recorded long position of 11,500 ETH held by a whale is a substantial holding that can support the market.

3. Concentration of chips / coordinated operations among clustered addresses

Multiple related addresses performing recharge, withdrawal, or trading operations simultaneously often indicate that the main force is adjusting positions collectively.

Actions by a single address may not signify much, but if a group of addresses operates in unison, it can generally be concluded that whale funds are at play.

4. Actions of smart money / notable whales

There is a group of well-known whale addresses with impressive historical performance; their entry and exit actions have significant reference value.

However, it should be reminded that not all large orders are bullish signals; they can also be for selling, money laundering, or cross-platform arbitrage. It's essential to cross-validate with multiple dimensions; one cannot blindly enter based solely on one signal.

Practical demonstration: Tracking whale movements around the CPI event

Talking about concepts alone is too dry, so let's run through a real case, which is the night of June 10 when the U.S. CPI data was released.

Macroeconomic events like the CPI or Federal Reserve decisions are always the times when whales are most active. They tend to bet on policy directions in advance, and market fluctuations will be much larger than usual.

After the data was released, it was overall positive, and the on-chain whales quickly took action: first, they closed their short positions in U.S. stocks, then opened long positions in ETH.

A series of actions pointed to a very clear direction: the whale believed that after the CPI release, the macro environment was biased towards positive sentiment, ready to ride the wave of a rising market.

At that time, we tracked a whale address that specializes in betting on macro events: 0xa2e81e888f4a757bbad012ea9b193e7ab93f1468 On June 10 at 19:00, this address first transferred $3 million to the exchange, timed perfectly and clearly aimed at the CPI market.

Once the deposit was completed, it immediately opened long positions in ETH, anticipating the bullish market. About an hour and a half after the announcement, it gradually closed its long positions, making over a million dollars in just over an hour, completely capturing the profit from the emotional spike.

Did you think this was the end? Not at all. After profiting from the first wave of the rise, it bet on a correction—retail investors rush in when they see a rise, and once the whale closes the long positions, market liquidity weakens, causing prices to naturally retreat. As retail investors panic and dump, it capitalized on the profit from this wave of correction.

When the correction reached an optimal point, it entered a third round to open long positions, aligning with the broad bullish trend of the CPI.

The three rounds of operations were precisely timed, consistently making profits from short-term to long-term; this is the rhythm set by main force funds. When watching the market, using it in conjunction with chip distribution indicators will yield better results. See where the chips have concentrated over the past three days at what price level; this is basically the strongest support level at the current moment.

Complete tracking steps: Four steps to whale analysis

The methods are actually not complicated; they can be summarized into four steps. Just follow these steps to create a complete analytical logic:

1. Identify unusual activity: Capture large order signals in real-time through AiCoin news and large transaction alert features.
2. View details: Go to the AiCoin whale page to search for the corresponding address and clarify whether it is a deposit, withdrawal, or opening/closing position, and assess the size of the capital.
3. Determine intent: Combine the historical operation style of this address with current position changes to judge its operational logic and direction.
4. Make a comprehensive decision: Cross-validate with market news and technical analysis to formulate your own trading judgment.

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Today’s sharing is this introductory method. First, grasp the fundamental logic, practice observing the market often, and gradually develop sensitivity to the main force's movements. Start with the basics, then slowly optimize a method that suits you, which is much more reliable than blindly following trades.

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