💥In contrast to the expected “Uptober” rally, the cryptocurrency market has experienced a significant downturn, mainly due to geopolitical tensions in the Middle East. The value of major assets has fallen, with some retesting multi-week lows.

Despite market volatility, crypto whales continue to accumulate certain tokens.

💥Toncoin (TON)

👉Telegram-linked Toncoin (TON) is currently trading at $5.35, recording a 9% drop in price over the past seven days. In fact, it fell to a weekly low of $5.16 during intraday trading on Thursday.

👉However, this has not stopped whales from buying the altcoin, demonstrating their long-term confidence in its price growth. Over the past seven days, the net inflow of large TON holders — the difference between whales' buying and selling addresses over a given period — has spiked by 1,698%.

👉Large holders refer to whale addresses that hold more than 0.1% of an asset's circulating supply. When their net inflows spike, it indicates an increase in whale accumulation.

💥Ethereum (ETH)

👉Top altcoin, Ethereum (ETH), has seen its value drop by 10% over the past seven days. However, this decline has presented a buying opportunity, as evidenced by the negative market value to realized value (MVRV) ratio, a measure of the overall returns 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 is trading below its historical purchase price, creating an opportunity for traders looking to buy on dips.

👉Ethereum whales holding between 10,000 and 10,000,000 ETH did just that. Over the past week, this group of large investors added 200,000 ETH worth $476 million to their portfolios.

💥Axie Infinity (AXS)

👉AXS, the native token of leading play-to-earn platform Axie Infinity, has also attracted the attention of crypto whales this week. Despite a 14% price drop during this period, the number of whale transactions involving AXS has steadily increased.

👉On-chain data shows a steady increase in the number of daily AXS transactions exceeding $100,000 since September 30. The spike in large transactions could signal a change in market sentiment. If large players are buying, it could indicate that they expect prices to rise in the future.