Cryptocurrencies have become a popular asset class for traders thanks to their volatility and 24/7 availability. Since Dogecoin soared from less than $0.005 to more than $0.30 during a three-month period in 2021, stories surfaced of people turning modest sums into life-changing amounts. And while the market has cooled a bit, many traders are still very active.
In this article, we’ll look at where to find the most successful crypto traders and how to best follow them for insights.
Who to Follow on Crypto Twitter
Many lists of the top crypto traders look at Twitter followers or YouTube subscribers. While followers are one way to measure value, some influencer accounts generate more revenue from courses, brand affiliations, and private chat rooms than trading. As a result, they may not always be the best people to follow for actionable trading insights.
However, several widely-followed accounts do provide helpful market insights, ranging from technical analysis to spotting new trends.
Some of these accounts include:
- CoinMamba (@coinmamba) is a crypto investor and futures trader with a decade of experience in crypto, offering regular insights into the market.
- Pentoshi (@Pentosh1) offers a wealth of technical insights and more entertaining commentary on the crypto market.
- Michael van de Poppe (@CryptoMichNL) is the CEO and Founder of Eight and a full-time trader offering macro insights and technical analysis.
- Saleh Ahmed (@SalehAhmedd_), aka The Weatherman, is a technical analyst that posts periodic trade ideas and technical insights.
- The Crypto Dog (@TheCryptoDog) is a STEM PhD dropout that started mining Bitcoin in 2011 and provides ideas and helpful re-posts.
- tehMoonwalkeR (@tehMoonwalkeR) offers insights into lesser known tokens and broader events impacting the markets.
For more accounts to follow, see our Top 50 Crypto Twitter Accounts You Must Follow.
Aside from active traders, it’s a good idea to follow crypto whales, given their influence on the market. These individuals or institutions are large holders of a specific cryptocurrency, with 10% or more of the supply under their control. As a result, their buy or sell transactions can quickly move the market and disrupt even the most solid technical setups or underlying fundamentals.
The most prominent crypto whales include:
- Michael J. Saylor (@saylor) is the Founder and Chairman of MicroStrategy.
- Timothy Cook Draper (@TimDraper) is a venture capitalist known for his early investments in Skype and Tesla.
- Michael E. Novogratz (@novogratz) is a former partner of Fortress Investment Group and CEO of Galaxy Investing Partners, a crypto investment firm.
- Winklevoss Twins (@winklevosscap) are best known for their lawsuit against Facebook and subsequent investment of the proceeds into Bitcoin.
- Barry Silbert (@BarrySilbert) is the Founder and CEO of Digital Currency Group and has been buying Bitcoin as early as 2012.
Some Twitter accounts even specialize in following whales:
- Whale Alert (@whale_alert) sends out tweets when large transactions occur and links to the details of those transactions for follow-up.
- Watcher.Guru (@WatcherGuru) provides crypto news and insights, including large crypto transactions.
Follow the Money, Not the Words
Platforms like ByBit and DeBank offer another way to find top traders. Rather than relying on commentary, these platforms compute actual win rates and profits/losses over different timeframes. You can see each account’s tokens, access their trading history, and follow them to see what they buy in real-time rather than relying on Twitter posts or videos.
Of course, when following traders on these platforms, remember that past performance doesn’t necessarily predict future results, and significant short-term gains often come from a single lucky break. The best traders consistently generate attractive returns across various cryptocurrencies and assets over a longer timeframe.
Other platforms specialize in tracking large wallets (e.g., crypto whales). For example, Whale Alert analyzes billions of blockchain transactions and related off-chain data from hundreds of reliable sources. When looking at these transactions, it’s often best to look for wallet-to-exchange transactions (bearish) or exchange-to-wallet transactions (bullish).
And finally, another approach is following trending assets rather than people. For example, on-chain analytics providers may flag assets that “whales” are purchasing, while platforms like DeBank Pro highlight interesting transactions made by large wallets. That way, you can see what many people buy or sell rather than just one individual.
Big Caveats to Keep in Mind
Following expert traders and whales can arm you with the strategies and insights you need to identify profitable opportunities and avoid potential pitfalls. However, there are a few caveats to remember when assessing the opinions and trades made by these individuals or institutions.
Interpreting transactions can be tricky for a few reasons. For example, a trader may transfer coins to another wallet they own, but if you don’t know they own the wallet, it could look like a sale. Or, they may be selling a token to rebalance their portfolio, even if they have an overall bullish sentiment. In both cases, the transactions could be misinterpreted as bearish.
At the same time, traders and investors sharing information on social media may have ulterior motives. For example, they may selectively share their most successful trades without sharing their losses. Or, they may promote a token to try and increase the price. By keeping these things in mind, you can avoid putting too much weight into the opinions of any individual.
Ultimately, traders and investors should take the advice and actions of expert traders and whales with a grain of salt. It’s essential to conduct your own due diligence to determine what these transactions mean and assess the underlying cryptocurrency, DeFi platform, or NFT.
The Bottom Line
Cryptocurrencies have become a tremendously popular asset class for many traders and investors. As the market evolves, following expert traders, crypto whales, and other individuals or institutions can help keep you abreast of the latest trends and strategies. But, there are a few caveats to remember to avoid mistakes and pitfalls.
If you trade crypto assets, ZenLedger can help you organize all of your holdings in one place, compute your capital gains and losses, and ensure that you’re compliant with taxes. You can also find opportunities to harvest tax losses throughout the year to reduce your tax liability.
