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Crypto whales: definition, impact, and how to track them in 2025
A crypto whale is an investor or entity that holds a large amount of cryptocurrency , such as Bitcoin, Ethereum ethereum etc. These major holders can influence the prices, liquidity, and even trends of the cryptocurrency market. Understanding the role of whales, knowing how to identify them, and tracking them can be a valuable strategy for any novice investor or trader looking to navigate the crypto market.
Table of contents
What is a crypto whale?
In the world of cryptocurrencies , the term " whale " refers to an investor or organization that holds a large quantity of a token, typically several million dollars worth of the same asset. Whales can be early investors, institutions, funds, or exchanges. Their influence extends across the entire cryptocurrency market.
- A whale can hold more than $ 10 million cryptocurrency .
- Among the biggest whales are investment funds, platforms like Binance , and companies such as MicroStrategy .
Why are crypto whales so influential?
Whales hold a significant portion of a token's total supply. This concentration gives them the power to influence short-term price, liquidity, and market trends. When a whale buys or sells a large amount of cryptocurrency, it can cause a sharp rise or fall in price. Therefore, whale transactions are closely monitored by investors and traders.
- A massive sale (dump) can lower the price of a token by increasing the available supply.
- A massive purchase (pump) can reduce supply and trigger an upward trend.
According to BitInfoCharts , by May 2025, ten Bitcoin alone held 5.77% of all BTC in circulation. The top 100 whales controlled 15% of the total supply. This concentration can amplify volatility and market movements.
Examples of the impact of whales on the market
- In May 2021, massive sales of BTC by several whales caused the price to plummet by more than 30% in a few days.
- Coordinated purchases of ETH by large whales preceded major bull rallies.
- Onltccoins, a whale holding a large amount of tokens can trigger a pump and dump.
How to recognize a crypto whale?
There is no universal threshold, but certain criteria are used to identify a whale:
- Holding approximately 1,000 BTC or the equivalent in ETH or other cryptocurrencies.
- To be at the origin of multi-million dollar transactions.
- To own a portfolio whose value represents a significant portion of the total supply of a token.
Whales often use multiple addresses to distribute their funds. Some use over-the-counter (OTC) services to buy or sell without directly impacting the price on public platforms. Whale addresses are monitored by the community and by technical and on-chain analysts at Binance , Glassnode , and Arkham Intelligence .
What is the impact of whales on the cryptocurrency market?
Whales can influence prices, liquidity, and volatility. Their activity is an indicator followed by investors and traders to anticipate market trends. If a whale moves a large amount of tokens to an exchange, it may signal an impending sale. Conversely, if whales withdraw their funds to a cold wallet long-term holding strategy .
- Whales create short-term price movements.
- Their accumulation or distribution can trigger upward or downward trends.
- The share of whales in the total supply of an asset is a factor of stability or volatility.
Whales and Market Manipulation
- Whales can place a massive sell order to cause panic and buy back at low prices.
- A pump orchestrated by several whales can lure individual investors into a bullish trap.
- Crypto whales often buy during correction phases, accumulating tokens at reduced prices.
How to track crypto whales?
Following crypto whales is a strategy adopted by some investors to anticipate market movements. Here's how to do it:
Step 1: Identify the whale addresses
- Use Arkham Intelligence to view wallets that hold a large amount of tokens.
- Identify the wallets that bought a cryptocurrency very early on, which then exploded in value.
- Analyze the transaction history to identify accumulation phases.
Step 2: Track movements in real time
- Use Zerion to track all movements of a portfolio identified as a whale.
- Set up alerts to be notified as soon as an important transaction is completed.
- Observe the transfers between exchange platforms, cold wallet DeFi protocols .
Step 3: Interpreting whale signals
- A massive transfer to an exchange platform may signal an imminent sale.
- A large withdrawal to a cold wallet suggests long-term storage.
- Coordinated movements across multiple tokens can signal a pump or a dump.
Tools for tracking crypto whales
- Arkham Intelligence : to identify the largest portfolios and visualize their transactions on different blockchains.
- Zerion : to track in real time all movements of a specific address and receive personalized notifications.
- Whale Alert : a service that provides live updates on major transfers in key cryptocurrencies.
- Glassnode , Nansen , BitInfoCharts blockchain data analysis platforms to identify fund concentration and whale trends.
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Why follow crypto whales?
Following crypto whales remains a popular strategy for anticipating market trends and detecting early reversal signals, even though the influence of any single whale has diminished with Bitcoin's current market capitalization. Whales are the source of many major movements: a massive BTC purchase by a Bitcoin whale can signal an upward move, while a transfer of millions of dollars worth of ETH to an exchange often precedes corrections or periods of heightened volatility.
The accumulation of tokens by whales before a major announcement or an upward trend remains a signal followed by many investors and traders.
However, today in large-cap assets, it is primarily the coordinated movements of several large whales, rather than the isolated action of a single player, that can influence prices in the short term.
Limitations and precautions
- Whale movements do not always guarantee a precise market direction.
- Some transfers are logistical (security, rebalancing) and do not have a direct impact on the price.
- False signals exist: traders can imitate whale strategies without having their real power.
Examples of famous whales and their influence
- The largest bitcoin whale remains Satoshi Nakamoto , which holds over one million BTC .
- MicroStrategy is currently one of the largest holders of BTC among listed companies.
- Platforms like Binance hold millions of dollars worth of cryptocurrencies on behalf of their users.
Whales are sometimes behind spectacular movements, such as the sale of 10 million coins of anltc, or a discreet accumulation in a new project. Their influence on the cryptocurrency market is undeniable.
Conclusion
Understanding what a crypto whale , how whales can influence prices, and tracking crypto whales using tools like Arkham Intelligence and Zerion is a valuable skill for any investor or trader. Whales remain major players in the cryptocurrency market: their impact on short-term price, liquidity, and market trends is undeniable. Monitoring whale activity, checking whale addresses, and analyzing transactions can help better anticipate how things might evolve in the crypto ecosystem in 2025.
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Yoann
Training engineer, I quickly became interested in the field of finance. Convinced that decentralized finance has a bright future ahead of it, I participate in its democratization by developing Crypternon.
