Big Orders
Big order · Whale order · Large order · Block trade · 큰손 주문 · 큰 주문 · 고래 주문
An order that fills a large amount at once. CoinGaja joins fills on the same side within one second into one order and counts it as big at 5 million won (about $3,600) or more.
Simple explanation
One order often fills in many pieces. A market buy for 10 million won, for example, meets sell orders at several prices in the order book and shows up as dozens of separate fills, so a single fill rarely tells you how big the order was. CoinGaja's whale radar joins the fills of one coin on the same side (buy or sell) that follow each other within one second into one order and measures it again.
CoinGaja reads every fill on the won markets of Upbit, Bithumb, Coinone and Digital X live through the exchanges' public WebSockets. A joined order of 5 million won or more is kept as a big order and shown on the whale radar with its side and amount. The public trade data does not say who placed an order, so it cannot tell whether two orders came from the same person, and orders from different people can happen to follow each other within a second.
How much of a coin's trading comes from big orders also matters. For a large coin like Bitcoin many big orders are natural. In a small coin, though, big orders making up most of the trading can mean that a few large traders are moving the price. In a pump and dump, big buy orders often push the price up and big sell orders unload at the top.
The "big orders" signal on CoinGaja's unusual coin signals page looks at this share: it turns on when big orders make up 60% or more of a coin's 24-hour value on the four Korean exchanges (300 million won or more in all). The whale radar page ranks the coins with the highest share. Many big orders are not bad in themselves - institutions and large investors trading normally raise the share too - so read it together with the other signals and how it changes over time. This entry is general information, not investment advice.
Example
Coin D: 14 buy fills within 0.3 seconds (₩2M, ₩1.5M, ₩1.2M and so on) → ₩8.3M in all → recorded as 1 big buy order
Coin D's Korean 24-hour value ₩1.7B, of which big orders ₩1.2B → 71% → CoinGaja's "big orders" signal
Orders of ₩3M each that come in separately are not counted as big orders (under ₩5M)
※ Example numbers, for illustration only
See it on CoinGaja
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