Large cryptocurrency holders who use their substantial capital to drive down prices in order to profit from the resulting decline. Bear whales may employ tactics such as placing and removing large sell walls on centralized exchange order books to create the appearance of overwhelming supply, which can intimidate smaller traders into panic selling. Once prices have been pushed lower, bear whales typically accumulate at reduced levels before removing their sell pressure, allowing the price to recover.
Example
“A bear whale placed a 500 BTC sell wall at $35,000 on Binance, causing smaller traders to front-run the order and sell, only to pull the wall once the price dropped to $34,200.”