Researchers from the Philadelphia Fed, Wharton, and Princeton analyzed over 32,000 Whale Alerts spanning 2017 to 2025, revealing significant leader-follower dynamics in Bitcoin markets. The study found that non-whale traders consistently mirror whale activity by buying and selling in direct response to large transaction alerts. This behavioral pattern occurs rapidly, with retail and smaller traders executing corresponding trades within 15 minutes of a Whale Alert notification. The findings highlight the measurable impact of public blockchain data on short-term market sentiment and trader decision-making.