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21 July 2025

What is a Whale in Crypto: Expert Guide [+Example]

According to Coinbase, cryptocurrency market is going through a phase of active growth - Bitcoin has crossed the $100,000 mark, and altcoins are showing impressive returns, increasingly finding themselves in the center of investors' attention.


Source: CoinGecko


In investment terms, cryptocurrency is increasingly perceived as an effective tool for portfolio diversification. This is facilitated by a noticeable decrease in bitcoin volatility: while in 2020-2022 it averaged around 70%, after 2023 this figure has fallen below 50%.

What are cryptocurrency whales?


Cryptocurrency whales is a general term that describes individuals or organizations that have large amounts of cryptocurrencies in their possession. They can significantly influence the price of virtual assets, provoking market volatility. Members of the crypto community are always closely monitoring the behavior of cryptowhales to predict upcoming changes and price spikes.

The name of whales is due to the fact that these are the biggest market players in terms of capital volumes. Buying once again digital assets for substantial amounts, cryptowhale has a direct impact on the movement of market quotes and provokes their upward surge.

For example, according to earlier research, it was found out that the record value of Bitcoin in 2017’s year was triggered by one major player in the market.

As noted by Coinledger experts, there is no specific threshold value by which the status of a cryptocurrency whale is determined. However, to date, according to the analysts, it is worth starting from the following criteria:


Cryptocurrency whale classification:


The huge volumes of cryptocurrency managed by crypto whales allow them to influence market fluctuations, both deliberately and accidentally, causing massive buying or selling. The activities of such large players are closely monitored by traders, and notifications of large transactions (“whale signals”) are widely used in the cryptocurrency world.

The largest cryptokits in the world


Here's a look at some of the famous cryptocurrency billionaires who are widely considered to be the whales of the market.

Satoshi Nakamoto


Satoshi Nakamoto, the pseudonym of Bitcoin's creator, is currently considered the largest holder of bitcoins in the world. According to estimates of crypto market analysts, he owns about 1,1million BTC, which is about 5% of the total supply of cryptocurrency. These coins were mined at the very beginning of Bitcoin's existence and have yet to be spent. Satoshi left the project in 2010 and has not been active since then.



The Winklevoss brothers


Cameron and Tyler Winklevoss are some of the most recognizable personalities in the world of technology and cryptocurrency. They began their entrepreneurial journey by launching HarvardConnection, which later became the prototype of Facebook. After a conflict with Mark Zuckerberg and a subsequent lawsuit, they received a compensation of 65 million dollars, much of which they invested in Bitcoin.



Today, the Winklevoss brothers are considered among the pioneers of blockchain and digital assets. In 2015, they founded the cryptocurrency exchange Gemini, which quickly became a reputable platform in the industry.



Their contributions to the cryptosphere were highlighted in Ben Mezrich's 2019 book, BitcoinBillionaires, which chronicles the brothers' rise in the world of digital currencies.

According to various estimates, the Winklevosses have around 70,000 bitcoins in their accounts.

Tim Draper


Tim Draper is a well-known venture capitalist who has been interested in Bitcoin and digital assets since his early years. His first investment in Bitcoin was back in 2012, when the technology was just starting to gain popularity.



He gained widespread publicity in 2014 after participating in an auction organized by the U.S. Marshals Service. At that auction, he acquired about 29,500 BTC that had been seized from the online marketplace Silk Road. This major transaction solidified his status as one of the largest private owners of Bitcoin.

As a result of his activism in the cryptosphere, Draper has become one of the most influential proponents of blockchain technology and continues to promote cryptocurrencies actively as the future of the global financial system.

Michael Saylor


Michael Saylor is an influential figure in the cryptocurrency industry, known as an ardent supporter of bitcoin and co-founder of MicroStrategy. He actively promotes the idea of bitcoin as the main digital asset of the future.



In 2020, Saylor publicly stated on social network X that he owns 17,732 BTC, making him one of the largest private investors in the cryptocurrency. His confidence in bitcoin's potential as a savings vehicle has become the foundation of his personal and corporate investment strategy.



Under his leadership, MicroStrategy became one of the first public companies to convert a portion of its corporate capital into bitcoin. In August 2020, the company announced the purchase of bitcoins as an alternative to traditional fiat currencies, considering them less reliable in the long term.

According to coinpedia.org, private companies collectively control over 366,738 bitcoins, which is approximately 1.75% of the maximum possible aggregate volume of 21,000,000 BTC. The category of institutional investors that are crypto whales currently includes the following companies:







Source: bitcointreasuries.net


Not only global companies hold the capital of digital currencies, but also individual governments are among the biggest players in the market. Thus, according to nuco.io, these include:


What is crypto whale activity and how does it affect the market?


Cryptocurrency whales, as the most significant market players in terms of capital volumes, always influence its behavior by provoking changes in quotes for various assets. This is expressed as follows:


For example, according to data from analytics platforms CoinMetrics and Santiment for the first quarter of 2025, more than 60% of daily price spikes of 5% or higher for Ethereum coincided with active deposits to addresses owned by large investors. Similarly, Bitcoin's volatility remains directly tied to the activity of the top 100 largest wallets, which hold over $380-billion in digital assets.


Source: bitstat.top


According to MariaLebed, a blockchain economist at the University of Zurich, cryptowhales fulfill a dual role: they are both indicators of market sentiment and a mechanism for testing the strength of tokenomics. Their actions can reveal both vulnerabilities and the sustainability of projects in the crypto market.

How to find crypto whale wallets?


According to coinledger.io, today the most famous digital wallet addresses and their owners are:


How to track whale wallets in the cryptocurrency?


Plisio.net blog quotes Lars Sayer Christensen, chairman of blockchain at Concordium and founder of Saxo Bank. He emphasizes that due to the limited liquidity of cryptocurrency markets, large transactions can significantly impact asset values. Therefore, the actions of large holders, the cryptocurrency whales, are under close scrutiny as they can foreshadow future price movements.

The nature of cryptocurrencies itself suggests pseudo-anonymity: unless an address has been directly associated with a specific person or entity, it is virtually impossible to identify the real owner of the wallet. Cryptocurrency whales, of course, often strive to maintain anonymity. To do so, they use several different wallets or transact through over-the-counter (OTC) platforms to conduct large transfers without noticeable market impact or undue scrutiny from other participants.

Nevertheless, there are several publicly known and effective methods for tracking the activities of cryptocurrency whales. The following will look at them in more detail.

Tools for tracking cryptowhale activities:


Tools for analyzing cryptocurrency data:


Tools for tracking exchange inflows and outflows:


Tools for tagging crypto whale wallets:


Alerting tools:


Monitoring the actions of cryptowhales has become a key tool for investors and traders seeking to adapt their strategies to potential market fluctuations. By tracking the behavior of large holders, market participants gain valuable information about future price changes and trends. In the rapidly evolving cryptocurrency industry, understanding the moves of major players helps to better navigate the decentralized financial ecosystem, effectively seize opportunities and minimize potential risks.

Features of interaction with cryptowhales


Working with the big players in the crypto market requires not only observation, but also a strategic approach. Blindly copying the actions of whales is tempting, but not always sensible. It is much more effective to build your trading strategy based on an in-depth analysis of market trends and your own goals.

WhiteBIT crypto exchange experts share useful recommendations.

Take into account market sentiment


Market sentiment analysis plays an important role in tracking whale activity. Their large trades can significantly influence other traders' perception of the market and trigger price movements. If you know how to read sentiment indicators and correlate them with the behavior of large holders, it will help you make more accurate investment decisions.

For example, during periods of optimism, whales often go into a phase of asset accumulation, which contributes to an increase in the value of cryptocurrencies. In case pessimism prevails, they may start selling off, causing a downturn. Following such trends helps to avoid losing trades and take advantage of promising movements in time.

A smart move is to form a balanced cryptocurrency portfolio that matches your strategy and risk level.

Study the tactical moves of cryptowhales


Whales use elaborate approaches to accumulate assets. One such method is value averaging (DCA), where cryptocurrency purchases are made for a fixed amount at regular intervals, regardless of the current price. This approach allows you to reduce the impact of volatility and accumulate assets without sudden market jumps.

Understanding these techniques allows you to learn best practices and adapt them to your own goals. Whether you use DCA or a combination of strategies, knowing the behavior of large investors gives you a serious advantage.

Forward thinking


It is especially important in the volatile cryptocurrency market to stay focused on your long-term goal. Despite the interest in the whales' actions, you should not forget about your own investment plans. The big players are focused on years rather than immediate gains, which is what allows them to stay ahead on the long horizon.

Don't ignore the risks


Competent risk management is an integral part of interacting with whale activity. Their actions can not only create opportunities, but also provoke sudden collapses. Protect your investments by diversifying, setting stop-losses and limiting leverage. These tools will help reduce potential losses and ensure that your strategy is sustainable even in the face of sudden changes in the market.

FAQ


How many bitcoins do you need to have to be a cryptowhale?


Cryptowhales need to own a significant amount of Bitcoins capable of influencing the market. There is no strict threshold, but it is common in the crypto community to start with a capital amount of 1,000 BTC or more, or $10 million or more.

What does “whale” mean in the world of cryptocurrencies?


In the world of cryptocurrencies, the term “whale” refers to a private investor or organization that owns a very large amount of BTC cryptocurrency. These market participants can significantly influence the price and liquidity of the asset through their actions - selling or buying large amounts can dramatically change the cryptocurrency's exchange rate.

How do cryptowhales earn a profit?


Cryptowhales make profits in several ways by leveraging their large positions and influence in the market:
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