Retail traders with extensive experience and seasoned investors understand that people, not money, drive the speculative markets. Someone decides to relocate a significant sum of money. Such disruptions impact people who do arbitrage or run crypto trading bots. Making accurate predictions is impossible due to how unpredictable human psychology is.

While such abrupt market shifts may appear to occur quickly, there is a clear latency between the appearance of large market orders and the way investors generally respond to their execution. The key reason why retail traders who want to maximize their investment initiatives must monitor whales and their activity is this little delay.

In this blog, we’ll walk you through crypto whales, the need for a whale tracker tool, its importance, and the best crypto whale trackers.

Who Are Crypto Whales?

Crypto whales refer to individuals or institutions that hold a large amount of a specific crypto. The exact criteria for being labeled a “whale” lacks a precise threshold. Still, it typically involves the possession of a substantial portion of the total circulating supply of a particular asset. For instance, in the context of Ethereum, widely acknowledged thresholds for whale status may range from 1,000 to 10,000 ETH. However, the criteria for being considered a whale can be considerably lower when it comes to altcoins.

Whales wield significant influence over crypto markets owing to the sheer size of their holdings. When a whale decides to offload a major portion of their assets, this action often triggers market reactions that lead to price declines. Conversely, if a whale accumulates a substantial amount of specific crypto, it can increase the asset’s scarcity, consequently driving its price upwards.

Informed market participants closely monitor whales’ activities, assuming that these entities possess insider knowledge or a deep understanding of the market. Their actions, coupled with the movements of whales, have the potential to set off a chain reaction, prompting other traders to follow similar strategies. Being early in recognizing significant movements provides the opportunity to maximize returns. This underscores one of the primary reasons why tracking crypto whales is crucial in the crypto space. In the following section, let’s see the need for the tracker tool.

Need for a Crypto Whale Tracker Tool

The presence of crypto whales and substantial investors holding significant amounts of cryptos introduces a pressing need for tools that monitor their activities. These prominent investors possess the potential to manipulate the valuation of assets artificially, and they often wield this influence to create turbulence in the market or confuse smaller investors.

Given their substantial holdings of a particular token, crypto whales possess the capacity to restrict the overall market supply of that token. Consequently, this constraint can have an adverse impact on token liquidity, limiting the quantity of tokens accessible for trading or exchanging among the broader community of traders.

Crypto whales can exercise their authority to sway token prices in two primary ways:

• Executing a Dump: This strategy involves a considerable sale of coins on an exchange, which triggers a broader market sell-off. By flooding the market with an increased supply of tokens, this action leads to a decline in the token’s price. Should other traders follow suit, it can result in a significant reduction in the token’s value.
• Accumulating Tokens: In this scenario, crypto whales accumulate substantial volumes of tokens from exchanges by purchasing cryptos, thereby constraining the token supply available in the market. This limited supply, in turn, increases the token’s price.

Benefits of Using Crypto Whale Tracker

• You don’t have to spend hours looking for whales and studying transactions because the tracker handles it.
• If you had done your data analysis, changes might have been noticed later than they are now. Quick action can enable you to buy the dip and enter the market at a low rate before the price rises when the value of a currency is declining. You can also swiftly sell off your currency before the value plummets.
• You can make quick judgments and seize opportunities with real-time tracking.
• You can gain a complete understanding of the crypto market and hasten your learning process thanks to the clear statistics, charts, and graphs provided by a crypto whale tracker application.

Best Crypto Whale Tracker

#1 Whale Alert – Tracking Significant Blockchain Transactions

Whale Alert is a versatile blockchain tracking tool that monitors various blockchain networks, promptly generating alerts when substantial or intriguing transactions occur. To access data directly through Whale Alert’s API, you’ll need to subscribe, starting with the “Developer” tier, priced at $49 per month. For those who prefer not to pay, there’s good news: Whale Alert operates a Twitter account where they share alerts about remarkable transactions across different blockchains like Bitcoin, Ethereum, XRP, Polygon, and more. Following Whale Alert’s Twitter account can keep you updated on crypto whale activities, and the discussions in the comments may provide insights. However, caution is advised when distinguishing facts from speculation.

#2 DeBank – Your Go-To DeFi Portfolio Tracker

DeBank is a web3 service renowned for its DeFi portfolio tracking capabilities. It is an essential tool for monitoring the on-chain portfolios and activities of interesting addresses, often called “smart money” addresses. DeBank supports a wide range of use cases, including tracking your own crypto portfolio on the blockchain. However, it excels as a crypto whale tracker due to its user-friendly interface. With DeBank, you can easily explore any user’s crypto asset portfolio, NFT collection, and transaction history. While DeBank is a top choice, it’s worth noting that Zerion offers a similar set of functionalities for those seeking alternatives.

#3 Cryptocurrency Alerting – On-Chain Whale Activity Alerts

Cryptocurrency Alerting is a service that empowers users to set up alerts triggered by blockchain activity. Whether it’s a specific address making a transaction or other on-chain events, you can configure email or push notification alerts. The platform supports various notifications, including emails, push notifications, webhooks, and messages on platforms like Slack, Discord, and Telegram. This tool is especially valuable when you have precise tracking requirements, allowing you to fine-tune alerts for transactions, balance changes, ETH gas prices, Bitcoin mining difficulty, whale activity, and more. For users who seek a broader overview of on-chain activities, alternative platforms might be more suitable.

#4 DexCheck – In-Depth Insights into Decentralized Exchanges and Whale Activity

DexCheck is a platform that offers a comprehensive view of decentralized crypto exchanges and blockchain transactions. It includes a crypto whale tracker that provides insights into transactions executed by whales on decentralized exchanges across various blockchains. Additionally, DexCheck showcases the most frequently bought and sold coins by crypto whales. Users can also follow the most successful traders regarding realized and unrealized profits. While many features are accessible for free, “Pro” members can access additional features, which can be unlocked by holding the platform’s DCK token.

#5 Etherscan – Ethereum Blockchain Exploration

Etherscan is a well-known Ethereum block explorer that delivers detailed information about Ethereum transactions and addresses. It’s a go-to choice for those looking to delve deep into the Ethereum blockchain. While Etherscan isn’t specifically designed as a crypto whale tracker, it can serve that purpose when you know what to look for. Using the other tools mentioned in this article, you can use Etherscan to analyze addresses discovered closely. Each major blockchain usually offers its own set of high-quality blockchain explorers, making Etherscan the prime option for Ethereum explorers.

Bottomline

Whether you intend to act in response to a whale’s movement or not, you can still benefit from observing crypto whale activity.

With the help of a crypto whale tracker, novice traders can learn about the market by watching what the big players do. The tool also assists seasoned traders in developing their ability to foresee ups and downs and seize successful opportunities as they arise.

Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.