The crypto market has yet to experience the expected “Uptober” rally and has experienced a serious downturn stemming from geopolitical tensions in the Middle East. The values of major cryptocurrencies have declined significantly, with some retesting multi-week lows. However, despite market volatility, crypto whales have continued to accumulate certain tokens, and three altcoins stand out among them.
First ranked altcoin: Toncoin (TON)$TON
Toncoin (TON), which is affiliated with Telegram, is trading at $5.35 at the time of writing. Over the past seven days, the token has seen a 9% price drop, falling to a weekly low of $5.16 during the day on Thursday. However, this has not deterred whales from buying the altcoin, indicating their confidence in its long-term price growth. Over the past week, TON whales’ net flow has increased by 1,698%. Whales are defined as addresses that hold more than 0.1% of an asset’s circulating supply; when net flows increase, it means there is a spike in whale accumulation.
Ethereum’s price has also fallen by around 10% over the past seven days. However, this decline presented a buying opportunity, as evidenced by its negative market cap/realized value (MVRV) ratio, which measures the overall profitability of all investors. At the time of writing, Ethereum’s 30-day and 90-day MVRV ratios are -3.69% and -12.51%, respectively. Historically, negative MVRV ratios are considered a buy signal for altcoins, indicating that the asset is trading below its historical purchase cost, presenting a chance for traders looking to capitalize on the decline.
On the other hand, Ethereum whales holding between 10,000 and 10,000,000 ETH added 200,000 ETH to their portfolios last week, worth $476 million. In addition, AXS, the native token of popular play-to-earn platform Axie Infinity, has also attracted the attention of crypto whales this week. Although the price of AXS has dropped by 14% during this period, the number of whale transactions has steadily increased. On-chain data shows a steady increase in AXS transactions exceeding $100,000 per day since September 30. This increase suggests that there may be a shift in market sentiment, and that large players are buying, anticipating a price increase in the future.