Bybit Learn
Bybit Learn
Jul 17, 2022

5 Crypto Whale Tracker Tools for Knowing When to Buy the Dip

Crypto traders need to understand crypto whales and how their holdings affect the value of cryptocurrency.

By learning what trading activity to watch for, you can avoid making decisions out of fear and confusion about what's happening in the cryptocurrency market.

After spotting crypto whale trading, crypto whale tracker tools can help you analyze it.. You'll be better prepared to handle market fluctuations, and know when to buy the dip or wait for a better opportunity.

What Is a Crypto Whale?

A crypto whale is a person, group or organization with enough cryptocurrency to influence the crypto market. These traders are called “whales” because they're huge players compared to most traders who hold and trade a tiny percentage of the total currency.

The crypto whale has so much of one type of currency, often 10% of the total or more, that it influences the currency's value.

Some crypto whales own a large amount of one specific currency, but many whales own substantial percentages of several different types.

Why You Should Track Crypto Whale Activity

The top wallets holding a cryptocurrency can send its value up or down, depending on their activity. Crypto whale tracker tools help users anticipate large market movements and make more informed decisions about when to trade.

When crypto whales have large holdings of currency, it limits the amount available to trade.  It also reduces the currency’s liquidity, which means it's harder to swap for other tokens or cash.

Moving currency in large amounts affects its value in a couple of ways.

  • A large exchange inflow, which means crypto whales putting large amounts of the currency into an exchange, can indicate they're dumping it. This inflow usually causes the price to drop.

  • A big exchange outflow, when whales pull the currency out of exchanges into their wallets, removes the currency from circulation. This outflow typically makes the price go up.

Putting a large amount of a currency into an exchange doesn’t always mean crypto whales are dumping it. If enough people see a significant transaction and act on it by dumping their currency, the currency's value also will drop.

The market's reaction to the whales' transactions often changes the value, whether the traders correctly assume  the whales' motives or not. 

Several whale watchers track and report unusual and large transactions. Tracking whales can help you spot trends and anticipate changes in the crypto market.

How to Track Crypto Whale Activity

You can anticipate market movements by tracking crypto whale activity in a few different ways.

On-Chain Analysis

Tracking crypto whale trades by analyzing blockchain transactions is known as on-chain analysis.

This analysis involves looking at transaction values and block sizes. If a transaction value is high, that means a large amount of currency has changed hands. A large block size indicates a large amount of data.

You can analyze the address involved in a transaction to see if it holds a large amount of cryptocurrency and is a whale. Once you have the address, you can see where that crypto whale sends their currency.

Three types of transactions on the blockchain can tell you different things about a crypto whale's activity.

Wallet-to-Exchange Transactions

When whales move crypto into an exchange wallet, they're going to trade it. The amount and type of currency can have an upward or downward effect on market values.

Stable currencies moved into an exchange wallet can indicate a good investment; more volatile coins could mean they're dumping the crypto.

Exchange-to-Wallet Transactions

Pulling crypto from an exchange into a wallet reduces the amount in circulation. Usually, this raises the price through scarcity, but if the currency is one of the more stable coins, it can cause a price drop by making it seem like a poor investment.

Wallet-to-Wallet Transactions

Tracking wallet-to-wallet transactions shows when crypto whales move money from one wallet to another. These transactions usually don't have much effect on currency values, and may indicate a whale making private over-the-counter trades.

Crypto Whale Tracker Tools

Blockchain transactions are famously transparent and permanent, so the transactions are there for anyone to examine. Using a crypto whale tracker tool is the fastest and easiest way to track whale movements and make sense of the blockchain data.

What Are Crypto Whale Tracker Tools?

Crypto whale tracker tools are apps that track and analyze crypto whale transactions. These apps can report on every transaction made by a crypto whale, and all large and unusual transactions that can affect a currency's value.

Crypto whale tracker tools help traders see large movements that could cause currency values to rise or drop. The tools' reporting and analysis can help traders know when to move currency fast to reduce losses or increase profits.

How Does a Crypto Whale Tracker Work?

A crypto whale tracker is a type of blockchain explorer that takes the raw data of the blockchain and turns it into a visual representation its users can understand.

The information recorded on the blockchain uses digital distributed ledger technology (DLT). Transactions are stored in blocks in this central database in chronological order, like links in a chain. Once a block is added, it can't be altered or deleted; it forms a secure, permanent record of asset ownership.

All information on computers, including images, is stored as a series of zeroes and ones in raw binary format. Much like that is the raw transaction data on the blockchain, which is stored as a series of letters and numbers called hashes.

A blockchain explorer, like a crypto whale tracker tool, will convert the raw hash into words and numbers that users can understand.

Each whale tracking app pulls the raw data from the blockchain, converts it, analyzes it and reports on the movements of the biggest currency holders and traders in the market.

Pros and Cons of Using a Crypto Whale Tracker

Looking at the pros and cons of using a crypto whale tracker can help you decide how to make whale watching part of your trading strategy.

Pros of Using a Crypto Whale Tracker

Following the movements of crypto whales can help you gain an edge in the market by anticipating value changes. Using a crypto whale tracker to do it makes this analysis easier in several ways.

  • The tracker does the work for you, so you don't have to spend hours finding whales and analyzing transactions.

  • You can see changes earlier than you might have if you’d analyzed the data on your own. Fast action can help you buy the dip, when the value of a currency drops, and get in low before the value increases. You can also dump currency fast before the value bottoms out.

  • The real-time tracking lets you make decisions fast and take advantage of opportunities when they happen.

  • The charts, graphs and easy-to-understand data from a crypto whale tracker tool provide a comprehensive overview of the crypto market, and can help you learn faster.

Cons of Using a Crypto Whale Tracker

While there are few drawbacks to using a crypto whale tracker tool, it's important to be aware of them.

  • If you focus only on whales, you can miss other activity that affects the market. Whales are the big fish in the crypto sea, but they're not the only indicator that the value will change.

  • Whales have big budgets, often taking risks most traders shouldn't try. Watching them can be overwhelming and lead to frustration or poor financial decisions.

  • Though limited tracking with many apps is inexpensive or free, the cost of in-depth tracking can cost hundreds to thousands of dollars per year.

Best Crypto Whale Tracker Tools

Here are five of the best crypto whale tracker tools to help you gain an advantage.

Whale Alert

Whale Alert is a blockchain tracking and alert service that tracks over a dozen blockchains, including Bitcoin, Ethereum and HIVE.

The tool offers a free option that's good for getting started, but the free service doesn't include alerts. Traders are limited to data on transactions over $500K and transaction history of one hour.

Whale Alert offers a personalized alert service for $9.95 per month for specific currencies with transitions over $100K. They also have a more comprehensive tracking service for transactions over that limit, with a full day's history for $29.95 per month.


ClankApp tracks crypto whale transactions in real time on its website, and on Telegram and Twitter.

The biggest drawback with this crypto whale tracker tool is the lack of comprehensive charts and graphs to provide a picture of a crypto whale's transactions over time. This limitation comes with the perk of the tool being free to use.

You can subscribe to the Telegram and Twitter feeds, or get email alerts and push notifications. The app tracks 24 blockchains through the tool's website at no cost, making it great for whale-tracking beginners. The developer asks for small voluntary donations from those who want to help with server costs.


A Whalemap account is free, but understanding the information it provides can take some time. Fortunately, the Whalemap site is full of information, including tutorials on reading the charts and understanding the data.

The site also offers free courses in blockchain, trading and reading charts in the Learn section, making this a great crypto whale tracker for new crypto traders and whale-watching beginners.

Whale Watchers

When you sign up for this NFT and crypto whale tracker tool, you can choose between the free service or the Captain's Club, a paid advanced tracking service that provides faster alerts, push notifications and private Discord servers where you can talk with other members.

The fee for Captain's Club membership is in Ether, so the price varies with the value of ETH. A Whale Watchers paid membership value usually fluctuates between $90 and $115. The free service offers a lot of information, but the upgraded pass provides more analysis and context.

Traders interested in NFTs will benefit the most from the site because of its strong focus on NFT whale activities like minting (publishing an NFT asset on the blockchain to make it available for purchase) and sweeping (purchasing an entire NFT collection at the floor price).

WhaleBot Alerts

WhaleBot Alerts is one of the few Telegram communities that you can subscribe to for free alerts on crypto whale transactions as they occur. The amount of information about whales and transactions can be overwhelming, but will help traders anticipate big market movements.

The bot alerts users to large individual transactions and includes lists of the top ten largest recent transfers.

It provides occasional activity heatmaps and charts, but most alerts are individual transactions without context or history that seem aimed at experienced traders more than people new to crypto.

Should You Use a Crypto Whale Tracker?

If you're serious about crypto trading, you need to understand the people and events that affect the crypto market. When you track crypto whales, you can learn more about the market, know when a currency's value will drop and spot opportunities before they're gone.

You can find tools online, both free and for a price, that let you analyze the blockchain and find whales on your own. However, using a crypto whale tracker flattens the blockchain data learning curve and gives you the relevant information you need.

If you're new to trading, you can start with one of the free tools or versions to get your feet wet before deciding whether to invest in one of the paid options. The free tools will help you become familiar with crypto whales and the types of transactions they make that affect crypto market values.

Closing Thoughts

You can benefit from watching crypto whale activity whether you plan to take action based on a whale's movement or not.

Studying what the major players do with a crypto whale tracker can provide new traders with an education about the market. This analysis can also help experienced traders learn to anticipate ups and downs — and take advantage of profitable opportunities when they come.