Whale by USD Balance


    We define an address as a whale if the address holds a specific amount of money in a coin. The minimum amount of money required depends on the coin's market capitalization. For example, if the coin's market capitalization is $100B, we label addresses holding a worth of $6.9M in this coin as whales.


    • For each erc20 asset whale labels are computed separately.

    • Whales are computed for coins with a minimum capitalization of $1M.

    • Thresholds and labels are recomputed daily.


    Despite the common intuition behind the definition of a whale being very simple - someone who owns a large amount of money - it can be difficult to distinguish between a whale and a non-whale address in practice.

    While there are many valid definitions of a whale, Santiment believes that a whale is an address that has the ability to influence the entire market with its stake. This implies an important consequence: the threshold between a whale and a non-whale is context-dependent, meaning it depends on the specific market. For example, imagine a low-cap coin with a total capitalization of $100k. An address holding $10k worth of that token would be considered quite large. On the other hand, $10k in ETH would be considered negligible.

    Given this, we can conclude that the line between a whale and a non-whale is not fixed. Furthermore, there is a logical connection with a coin's market capitalization. The higher the market capitalization, the larger the balance required to be classified as a whale.


    To mathematically define the relationship between market cap and whale threshold, we consulted an expert. Given the coin and its market cap, we determined the minimum sufficient balance for a whale. After analyzing the data, we reached the following conclusions:

    • The threshold increases as the market cap increases.
    • The relationship between market cap and threshold is not linear.
    • The function relating market cap and threshold appears to be logarithmic.

    Further analysis led us to establish a strict mathematical relationship between a coin's market capitalization and the minimum sufficient whale balance:

    Minimal Whale Balance

    Finally, we determine whether an address is considered a whale based on the amount of money they hold in a specific coin. The minimum amount required depends on the coin's market capitalization.

    Threshold Examples

    CapitalizationMinimal Whale Balance

    Label fqn


    • E.g. santiment/whale_usd_balance(ethereum):v1

    Label Examples

    Uniswap Whale Address (14.02.24): 0x47173b170c64d16393a52e6c480b3ad8c302ba1e

    ETH Whale Address (14.02.24): 0xefb2e870b14d7e555a31b392541acf002dae6ae9

    Available Blockchains

    • ethereum