Crypto Whales Increase Investments Ahead of October 2024 Rallies

As the cryptocurrency market gears up for its customary “Uptober” rally, traders are keenly observing the movements of whales. These significant holders are recognized for their accumulation strategies, which act as early signals for possible price surges.

So, what exactly are these whales gathering in anticipation of October?

The Whales Are Focused on Major Players

In a unique interview with BeinCrypto, Juan Pellicer, Senior Researcher at on-chain analytics company IntoTheBlock, highlighted that as October approaches, crypto whales are concentrating on assets with higher market cap.

“This trend corresponds with the current cycle, which appears to be chiefly influenced by institutional demand. These institutional players typically lean towards more established, liquid assets within the crypto realm,” Pellicer stated.

Ethereum (ETH), a leading altcoin, is among the assets that these prominent holders are accumulating in preparation for October. Santiment’s data reveals a significant uptick in ETH accumulation by wallet addresses possessing between 10 million and 100 million ETH. Over the past 26 days, this segment has increased its holdings by 910,000 ETH, valued at over $2.40 billion at current market prices.

Dogecoin Benefits Its Holders

Another major market capitalization coin that crypto whales are stockpiling as October approaches is the top meme coin, Dogecoin (DOGE). This interest has been spurred by a 24% price increase over the last month. Currently, the meme coin trades at $0.12, marking its highest price level since August 2.

Analysis of DOGE whale activity, through the netflow of significant holders, indicates that investors holding over 0.1% of the coin’s circulating supply are increasing their positions. Within just the past week, the net flow among DOGE’s major holders has surged by an impressive 134%.

In addition to DOGE’s price surge, the majority of its holders being in profit may further explain why its whales continue to accumulate. Analysis of DOGE’s Global In/Out of the Money indicates that 76% of all meme coin holders are currently in profit, while only 20% of the total holders are at a loss.

Toncoin Experiences Surge in Major Transactions

Toncoin (TON), associated with Telegram, has also piqued the interest of crypto whales. The daily volume of large transactions involving this altcoin has soared over the past month.

Data from IntoTheBlock indicates that the count of TON transactions valued between $1 million and $10 million has risen dramatically by 179% in the last 30 days. Similarly, larger transactions exceeding $10 million have experienced a remarkable increase of 83% during the same timeframe.

Read more: What Are Telegram Bot Coins?

The increase in large transactions is often seen as a bullish signal. When retail investors notice that major holders are ramping up their activity, it frequently bolsters their confidence, sparking more buying and sustained price growth.