There is no fixed threshold — the term is relative to an asset's liquidity, so a position that is unremarkable in Bitcoin is a whale position in a small-cap token. What defines one is that entering or exiting cannot be done without affecting the price, which shapes how such holders actually trade: in pieces, over time, and often away from public order books.
Because balances are visible on-chain, large wallet movements are widely watched, and transfers to exchange addresses are read as preparation to sell. The inference is unreliable on its own: wallets are moved between custodians, restructured, or used for collateral, and exchange-labelled addresses are identified by heuristics that are sometimes wrong.
Does a whale moving coins to an exchange mean they will sell?
Not necessarily. It is consistent with selling, but also with moving custody, posting collateral or rebalancing. It is a signal worth noting and not one to act on alone.
Last updated October 17, 2026