A whale is a holder whose position is large enough that trading it moves the price. In a thin market the threshold is far lower than people assume.
This is why order book depth matters more than the last traded price, and why a sudden move with no news attached is often just size meeting thin liquidity rather than information arriving. Public blockchains make large transfers visible, which spawns a whole industry of reading them - usually with more confidence than the data supports, since a transfer between two wallets says nothing certain about intent.
Binance Academy covers this in more depth: https://www.binance.com/en/academy/glossary/whale
Trading crypto from Dubai since 2019.
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