Altcoins Crypto Whales Are Buying This Week

Contrary to the expected “Uptober” rally, the cryptocurrency market experienced a sharp decline, largely due to geopolitical tensions in the Middle East. Prime assets saw their values ​​decline, some re-hit multi-week lows.

Despite the volatility of the market, crypto whales continue to accumulate certain signs. Toncoin (TON), Ethereum (ETH) and Axie Infinity (AXS) have emerged as the best choices for these large holders.

toncoin (ton)

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

However, this did not stop the whales from buying the altcoin, which shows long-term confidence in the price growth. Over the past seven days, the net flow of tons of big holders – the difference between buying and selling coins whale addresses in a given period – has risen by 1698 percent.

Read more: What are Telegram Bot Coins?

Large holders refer to whaling addresses that hold more than 0.1% of the property distribution. As their net flow increases, it indicates an increase in whale stocks.

Ethereum (ETH)

The leading altcoin, Ethereum (ETH), has seen its value drop by 10% in the past seven days. However, this decline has presented a buying opportunity, as evidenced by its negative market value to net asset value (MVRV) ratio, which measures the overall profitability of all shareholders.

Read more: How to invest in Ethereum ETFs?

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, providing an opportunity for traders looking to buy a dip.

Ethereum whales have done this, holding between 10,000 and 10,000,000 ETH coins. Last week, this group of big investors added 200,000 ETH to their portfolio, worth an estimated $476 million.

Axie Infinity (AXS)

AXS, Axie Infinity, a native for-profit gaming platform, also caught the attention of Cryptowell this week. Despite a 14 percent drop in prices at the time, the number of whaling transactions involving AXS has steadily increased.

Read more: Axie Infinity (AXS) explained for beginners.

On-chain data shows a steady increase in AXS's daily tally of more than $100,000 since September 30. An increase in large transactions may indicate a change in market sentiment. If the big players are buying, it may indicate that they expect future price appreciation.