Market basics · Glossary
Whale
A participant or wallet holding a very large amount of an asset.
Definition and explanation
A whale is an informal term for an individual or entity whose holdings or order size are large enough to influence price or liquidity in a given asset. The threshold is relative to the asset's size and depth. Whale activity can shift prices, especially in thinner markets, and on-chain estimates are only one lens.
Example
A single very large sell order in a low-liquidity token can move the market more than the same order in a deep, liquid pair.
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