The subject of the thread really caught my attention, and I'm eager to know how to follow whales too, but the comments so far is about the indicators to follow, so I guess that whales do not want people to follow them, every trader has to research and find their own indicators. You suggestion is also good, a trader can follow a signal group, and make the most of it, in all the crypto space, I think that trading is the most complex and it requires a lot of expertise and commitments in order to minimize loses and become profitable in it.
How do you know they are actually whales?
See how they are rich with their assets, lifestyle like Sam Bankman-Fried?
Whales can be smart with investment, trading or just are rich because of their scam, fraudulent activities like SBF.
Following whales will be like using a double-edged sword and you can get benefit or get harmed. If you are not smart, you can be manipulated by their signals and become victims of their distribution.
It is easy to identify a whale if they are already famous but not if they aren't. We can only know it once they already make a move. I don't think SBF is still considered to be a whale, because he is in jail now and he already used all of his money on his bad habits and maybe some are already used to pay the customers that he scammed. Whether the whales gets their wealth on a shady activity, they are still smart to achieve this status.
If we know what we are doing, we can follow the whales and we can only benefit on them. That's not what you call a double-edge sword. If we are still a beginner, we should only rely on our selves first to minimize the risk.