Crypto Whales Purchase Toncoin, ETH, AXS Despite Market Drop

In contrast to the expected “Uptober” surge, the cryptocurrency market has faced a considerable decline, primarily due to escalating geopolitical tensions in the Middle East. Key assets have experienced significant value drops, with some revisiting multi-week lows.

Amid the market fluctuations, large investors, often referred to as crypto whales, have continued their accumulation of select tokens. Toncoin (TON), Ethereum (ETH), and Axie Infinity (AXS) have surfaced as preferred choices among these substantial holders.

Toncoin (TON)

The Telegram-associated Toncoin (TON) is currently priced at $5.35, reflecting a 9% drop in value over the past week. Notably, it hit a weekly low of $5.16 during intraday trading on Thursday.

Nevertheless, this price dip hasn’t dissuaded the whales from acquiring the altcoin, showcasing their enduring confidence in its potential for price appreciation. Over the last week, the netflow of TON’s large holders—the variance between the amount purchased and sold by whale addresses in a defined timeframe—has surged by 1698%.

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Large holders refer to whale addresses that own over 0.1% of an asset’s circulating supply. An increase in their netflow signals a rise in whale accumulation.

Ethereum (ETH)

The prominent altcoin, Ethereum (ETH), has experienced a 10% decrease in its value over the past week. However, this decline has created a favorable buying scenario, as indicated by its negative market value to realized value (MVRV) ratio, which assesses the overall profitability of all holders.

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As of now, the MVRV ratios for the coin over the past 30 days and 90 days are -3.69% and -12.51%, respectively. Historically, negative MVRV ratios indicate a buy signal, suggesting that the asset is trading below its historical acquisition cost, offering an opportunity for traders looking to buy the dip.

Whales holding between 10,000 and 10,000,000 ETH have capitalized on this, as they have added 200,000 ETH valued at $476 million to their holdings in the past week.

Axie Infinity (AXS)

AXS, the native token of the popular play-to-earn platform Axie Infinity, has attracted attention from crypto whales this week. Despite a 14% reduction in its price during the same period, there has been a notable increase in whale transactions involving AXS.

Learn More: Axie Infinity (AXS) Explained for Beginners

On-chain metrics indicate a consistent rise in the daily count of AXS transactions exceeding $100,000 since September 30. An uptick in large transactions may reveal a shift in market sentiment. If investors are actively buying, it could imply they anticipate future price increases.