What do crypto investors watch for when a whale sells?

In the volatile world of cryptocurrency investing, what precisely do investors keep a close eye on when a so-called "whale" decides to sell? Is it the sheer volume of coins being dumped on the market, or perhaps the subsequent price drop that often follows such a significant transaction? Do they scrutinize the whale's past trading patterns to predict future behavior? Or, do they focus more on the broader market sentiment and how other investors might react to such a move? Understanding the intricacies of this question is crucial for any crypto investor seeking to navigate the often tumultuous waters of the digital currency market.