beincrypto.com
Contrary to the anticipated “Uptober” rally, the cryptocurrency market has experienced a significant downturn, largely driven by geopolitical tensions in the Middle East. Major assets have seen their values decline, with some retesting multi-week lows.
Despite the market volatility, crypto whales have continued to accumulate certain tokens. Toncoin ($TON), Ethereum ($ETH), and Axie Infinity ($AXS) have emerged as top choices for these large holders.
Toncoin ($TON)
Telegram-linked Toncoin ($TON) currently trades at $5.35, noting a 9% price decline over the past seven days. In fact, it plunged to a weekly low of $5.16 during the intraday trading session on Thursday.
However, this has not deterred the whales from buying the altcoin, demonstrating their long-term confidence in its price growth. In the past seven days, $TON’s large holders’ netflow — the difference between the coins whale addresses buy and sell over a specific period — has skyrocketed by 1698%.
Large holders refer to whale addresses that hold over 0.1% of an asset’s circulating supply. When their netflow surges, it indicates an uptick in whale accumulation.
Ethereum ($ETH)
Leading altcoin, Ethereum ($ETH), has seen its value dip by 10% in the past seven days. However, this decline has presented a buying opportunity as evidenced by its negative market value to realized value (MVRV) ratio, which measures the overall profitability of all its holders.
As of this writing, the coin’s 30-day and 90-day MVRV ratios are -3.69% and -12.51%, respectively. Historically, negative MVRV ratios are a buy signal. They indicate that the asset trades below its historical acquisition cost, giving a chance for traders looking to buy the dip.
Ethereum whales holding between 10,000 and 10,000,000 $ETH coins have done just this. Over the past week, this cohort of large investors have added 200,000 $ETH valued at $476 million to their portfolio.
Axie Infinity ($AXS)
$AXS, the native token of the leading play-to-earn platform Axie Infinity, has also attracted crypto whale attention this week. Despite a 14% drop in its price over the period, the number of whale transactions involving $AXS has steadily increased.
On-chain data reveals a consistent rise in the daily count of $AXS transactions exceeding $100,000 since September 30. A spike in large transactions may signal a shift in market sentiment. If large players are buying, it could suggest they expect future price appreciation.