Ethereum whales added 200,000 ETH worth $476 million in the past week, while Toncoin large holders saw a 1698% surge in netflow.
Itâs been a tough start for crypto market bulls this October with many anticipating a strong beginning to Q4 2024. Bitcoin and altcoins faced some strong selling pressure in the first week, however, crypto whales saw this as an opportunity to buy the dips.
Amid the continued hopes for the âUptoberâ rally, the crypto whales are accumulating altcoins like Ethereum (ETH), Toncoin (TON), and Axie Infinity (AXS) as the top choices for these holders. Letâs a take look into why each of these makes a good choice ahead of the next alt season.
1. Ethereum (ETH)
Despite the improving fundamentals, the worldâs second-largest cryptocurrency has continued to face selling pressure with the ETH price slipping by 10% on the weekly charts. As of press time, Ethereum is trading 1.64% up at $2,420 levels with a market cap of $291 billion.
This drop presents a buying opportunity as per the on-chain metric of market value to realized value (MVRV) ratio, which measures the overall profitability of the holders. As per the data from Santiment, the 30-day and 90-days MVRV ratio for Ethereum is currently at -3.69% and -12.51%, respectively. A negative MVRV usually flashes a buy signal indicating that the asset is trading under its historical cost, and thus available at a discount.
The Ethereum whales seem to making the most of this opportunity. Ethereum whales holding between 10,000 and 10,000,000 ETH have made significant moves, accumulating 200,000 ETH worth $476 million over the past week. Some market analysts believe that Ethereum is on track to hit more than $10,000 in the upcoming bull run, per the CNF report.
2. Toncoin (TON)
The second altcoin in the list is Toncoin (TON) which has witnessed a stunning rally this year amid the surge in the demand for Telegram-based games. As a result, TON now occupies a spot in the list of top 10 cryptocurrencies by market cap. As of press time, the TON price is trading at $5.40 with a nearly 9% decline over the past week and a market cap of $13.8 billion.
Despite market fluctuations, whales remain undeterred, showing strong long-term confidence in the altcoinâs potential for price growth. Over the past seven days, the netflow of large TON holders â representing the difference between coins bought and sold by whale addresses â has surged by an impressive 1698%. These large holders, who possess over 0.1% of the assetâs circulating supply, are signaling increased whale accumulation with this spike in netflow, per the CNF report.
3. Axie Infinity (AXS)
The third altcoin in the list is Axie Infinity (AXS). AXS is the native token of the leading play-to-earn platform that has attracted massive whale interest in recent weeks. Despite the 14% drop in the AXS price over the past week, whales have been accumulating the altcoin steadily in recent times.
On-chain data shows a steady increase in AXS transactions over $100,000 since September 30. This surge in large transactions could indicate a shift in market sentiment, as significant players buying in may suggest expectations of future price growth.
