Whale Sentiment Index
Today, October 24, 2026 (UTC day so far), the Whale Sentiment Index reads 30/100 — Slightly Bearish.
One daily score, 0–100, summarizing how tracked Ethereum whales are positioned — built from three readings of on-chain whale flow: how much of their money is sitting in stablecoins rather than assets, whether coins are leaving exchanges or going onto them, and what share of whale wallets leaned to the accumulation side. Updated every few minutes.
This is more than "are whales buying?" It blends three signals: (1) how much whale money is buying vs selling, (2) whether coins are leaving exchanges (self-custody = accumulation) or moving onto them, and — the biggest driver — (3) how much whale money is parked in stablecoins (cash sitting on the sidelines).
So the score can read cautious even on a day the buy tallies look green: if most whales lean to the accumulation side by count but are still holding a lot of cash, that pulls the number down. The buy-side percentages shown above are just one of the three ingredients — not the whole score.
It's also graded on a curve — each day is ranked against the last ~45 days, so 50 is a normal day, not a coin flip. Today's number updates live through the day; every past day is locked to its final value.
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How the index is computed
Every score is derived from on-chain whale flow — DEX trades plus exchange inflows and outflows — from the whale wallets Deep Blue Alpha tracks on Ethereum. No surveys, no social data, no price inputs. The headline score blends three readings of whale flow, each scored against its own recent range, then averaged:
exchange flow = share of asset exchange movement that is withdrawals (coins leaving; stablecoins excluded)
breadth = share of whale wallets on the net accumulation side (counts wallets)
Whale Sentiment Index = each reading ranked vs its last ~45 days, then averaged
Risk appetite is usually the biggest mover — it captures whether whales are deploying cash or hoarding it. Exchange flow reads coins leaving exchanges (self-custody) as accumulation. Breadth counts each whale as one vote, so a single giant can't dominate. Because each reading is ranked against its own recent history, 50 is a typical day — not a coin flip — and a genuinely unusual day pushes the score toward the ends of the scale.
Why this can differ from the accumulation-side numbers on the board: the "What Are Whales Buying" board and the accumulation-side percentages on this page measure only whether more whale flow landed on the accumulation side (exchange withdrawals and DEX buys) than the distribution side (deposits and DEX sells) — one of the three ingredients. Most of that flow is exchange transfers, not trades. The index also weighs how much whale money is parked in stablecoins, so it can read cautious on a day the accumulation-side tallies look positive. They are related views of the same data, not the same number.
What's excluded, and why: for the buy/sell readings, quote-side assets — ETH, WETH, liquid staking derivatives, wrapped BTC, and gold tokens — are excluded so each trade counts once on its directional side. (A whale buying LINK with USDC produces both a LINK buy and a USDC sell in raw data; counting both legs would cancel every trade toward 50.) Also excluded: transactions classified as neutral or noise, blacklisted spam tokens, and data-error outliers above $1B; single trades are capped at $100M. Stablecoins are deliberately kept in the risk-appetite reading — that is the whole point of measuring how much cash whales are holding.
Live today, locked history: today's value refreshes from the day so far every few minutes, so it moves as whales act. Each completed UTC day is then locked to one final value — the history bars never change after the day ends.
What the index is not: it does not measure price, social media mood, or fear. It measures how tracked whale wallets are positioned on-chain — and reports it after the fact.
