A whale in the crypto market refers to an individual or entity that holds a large amount of a particular cryptocurrency. Due to the size of their holdings, whales have the potential to significantly influence the market with their trades.

Key characteristics of whales:

1. Market Influence: Because whales hold a substantial portion of a cryptocurrency's supply, their large buy or sell orders can cause price fluctuations, especially in low-liquidity markets. For example, a whale selling a large amount of crypto could trigger a price drop, while a large buy could drive the price up.

2. Strategic Trading: Whales often trade carefully to avoid negatively affecting the price of their assets. However, some may engage in market manipulation by placing large orders (or canceling them) to create fear or excitement, a tactic known as whale games.

3. Potential for Market Impact: Whales are often watched closely by other traders, and their movements (such as large transactions or wallet activity) can cause widespread speculation and affect market sentiment.

In essence, whales are powerful players in the crypto market due to their ability to move prices with their large holdings and transactions.