The NewDegen 2023 On-Chain Trading Challenge is now live — a high-energy, global competition for DeFi enthusiasts, powered by Bitget Wallet and backed by leading Web3 projects, media, and key opinion leaders. With a prize pool of up to 100,000 USDT and exclusive Soulbound Token (SBT) badges for top performers, this event is redefining how traders engage with on-chain activity.
Whether you're a seasoned trader or just stepping into the world of decentralized finance, this challenge offers a unique opportunity to test your skills, sharpen your strategies, and compete on a global stage. But to win, you need more than luck — you need insight, timing, and access to real-time intelligence.
👉 Discover how top traders gain early insights and stay ahead of market moves.
What Are Crypto Whales?
In the volatile world of cryptocurrency, crypto whales refer to individuals or entities that hold large amounts of digital assets — often enough to influence market prices significantly. These players are sometimes called "market movers" because their buying or selling activity can trigger rapid price swings.
For example, in the Bitcoin ecosystem, an address holding over 1,000 BTC is typically considered a whale. When such an address moves funds — especially toward an exchange — it may signal an upcoming sell-off. Conversely, transferring assets from an exchange to a private wallet often indicates accumulation, potentially foreshadowing a bullish trend.
Understanding whale behavior isn't about copying trades blindly; it's about interpreting signals within broader market context. In fast-moving DeFi markets, where information asymmetry is high, tracking whale movements can give you a strategic edge — especially in competitive environments like the NewDegen challenge.
Why Track Crypto Whales and Smart Money?
Smart money — capital managed by experienced investors, institutions, or early project insiders — often moves before major price shifts. By monitoring these flows, retail traders can identify patterns and anticipate trends before they become obvious to the broader market.
Here’s why integrating whale and smart money analysis into your strategy matters:
Gain Early Market Insights
Whales and smart investors usually act based on privileged information or deep technical analysis. Observing their transactions across chains can reveal early signs of accumulation or distribution, helping you align your positions with emerging trends.
For instance, if multiple large wallets begin acquiring a low-cap token ahead of a rumored partnership, that could be a strong leading indicator. Tools that visualize these flows let you see the bigger picture beyond price charts.
Improve Trade Timing and Decision-Making
Timing is everything in trading. A well-researched entry point means the difference between catching a breakout and buying at the top. Whale tracking acts as an early warning system, alerting you to potential volatility or trend reversals.
Imagine receiving a notification when a known smart money wallet swaps into a new token — seconds after the transaction confirms on-chain. That kind of speed and awareness can dramatically improve your win rate during high-stakes competitions.
👉 See how real-time data access can transform your trading approach.
How to Identify Smart Money and Whale Activity
Following smart money requires more than guesswork — it demands tools and methodology. Here are three proven ways to spot influential players and track their moves:
Monitor Large Inflows and Outflows
One effective method is analyzing fund flows between exchanges and external wallets. Large deposits to exchanges often precede sell-offs, while mass withdrawals suggest accumulation.
Platforms like Bitget Swap allow users to explore all transactions linked to a specific token, offering a comprehensive view of capital movement. You can:
- Search for any token and review its full trade history
- Filter trades by buy/sell actions
- Click on wallet addresses to inspect their on-chain behavior via blockchain explorers
This level of transparency helps assess whether a token is being accumulated by whales or dumped by insiders.
Additionally, you can use the interaction filter to see which addresses have traded with a particular contract. Input a known whale address to uncover its recent trades, including entry and exit prices. Filtering by price range further reveals at what levels major players are active — crucial intel for setting stop-losses or take-profit targets.
Use On-Chain Analytics Tools
Advanced traders rely on analytics dashboards that aggregate whale transactions, highlight abnormal activity, and rank tokens by smart money interest. While Bitget Wallet doesn’t offer built-in analytics, its integration with Swap functionality enables manual investigation of transaction patterns.
Look for features like:
- Real-time transaction alerts
- Heatmaps of large trades
- Wallet clustering (identifying related addresses)
- Exchange flow tracking
These tools help separate noise from meaningful signals in the vast ocean of on-chain data.
Follow Trusted Social Signals (With Caution)
Social media platforms like X (formerly Twitter) are hubs for crypto discourse. Influencers, developers, and community managers often share updates that impact sentiment. However, not all signals are reliable.
Be wary of:
- Fake accounts mimicking known analysts
- Paid promotions disguised as “alpha leaks”
- Pump-and-dump schemes orchestrated by anonymous groups
Always verify claims with on-chain evidence. If a KOL tweets about a “whale buying millions,” check the wallet yourself using a blockchain explorer. Trust, but verify.
Track Smart Money with Bitget Wallet’s Watchlist Feature
Once you've identified promising wallets — whether they belong to known whales, project teams, or successful traders — the next step is continuous monitoring. That’s where Bitget Wallet’s Watchlist (Observation Wallet) feature comes in.
This tool lets you track any public address without importing private keys, giving you full visibility into balance changes and transaction history — all securely and non-custodially.
How to Add and Monitor a Whale Address
- Open Bitget Wallet and tap your profile icon in the top-left corner
- Select Add Wallet > Observation Wallet
- Paste the wallet address you want to monitor
- Choose the relevant network (e.g., Ethereum, BSC)
- Enable notifications to receive instant alerts on transactions
Now you’ll get real-time updates whenever that address interacts with DeFi protocols, swaps tokens, or transfers funds — no need to manually check explorers every few minutes.
Note: An observation wallet grants viewing rights only. Never send funds to an address just because you’re watching it — always confirm ownership before initiating any transfer.
This feature is ideal for tracking:
- Known whale wallets
- Project treasury addresses
- Your own cold storage
- Top competitors in the NewDegen challenge
By observing their moves, you can anticipate market shifts and adjust your strategy proactively.
👉 Learn how elite traders use observation tools to stay one step ahead.
Frequently Asked Questions (FAQ)
Q: What is the NewDegen 2023 On-Chain Trading Challenge?
A: It’s a global trading competition hosted by Bitget Wallet that tests participants’ ability to generate returns through real on-chain transactions. Competitors are ranked based on performance, with prizes totaling 100,000 USDT.
Q: How do I join the challenge?
A: Registration is done through the official Bitget platform. Participants must connect their wallet and complete qualifying trades to be eligible for leaderboard ranking and rewards.
Q: Can I track multiple whale addresses at once?
A: Yes. Bitget Wallet allows you to add multiple observation wallets, enabling simultaneous monitoring of several key addresses across different networks.
Q: Is tracking whale activity guaranteed to lead to profits?
A: No strategy is foolproof. Whale tracking provides insights but should be combined with risk management, technical analysis, and fundamental research for best results.
Q: Are Soulbound Tokens (SBTs) transferable?
A: No. SBTs are non-transferable digital credentials used to represent achievements or reputation within a community — in this case, serving as permanent proof of participation and success in the challenge.
Q: Does Bitget Wallet support all blockchains?
A: It supports major networks including Ethereum, Binance Smart Chain, Polygon, Arbitrum, Optimism, and others commonly used in DeFi trading.
Final Thoughts
Success in the NewDegen 2023 On-Chain Trading Challenge doesn’t come from random bets — it comes from informed decisions, timely execution, and strategic awareness. In a landscape where milliseconds matter and information is power, tracking crypto whales and smart money gives you a tangible advantage.
With tools like Bitget Wallet’s observation feature and Swap analytics, you can turn raw on-chain data into actionable intelligence. Combine that with disciplined risk management and continuous learning, and you’ll be well-positioned to climb the leaderboard.
Remember: markets move fast, but the most successful traders move faster — not recklessly, but with purpose. Start watching key addresses today, refine your strategy, and make every trade count.
Good luck to all participants — may your bags be heavy and your exits timely.