Crypto Whale Investors Bet on Toncoin, Ethereum, and Axie Infinity in Early October
Date: 2024-10-07 Author: Oliver Abernathy Categories: CRYPTO PAYMENTS
Ethereum big-ticket holders have bought 200,000 ETH worth $476 million in the past week, while Toncoin big-ticket holders have seen an impressive 1,698% increase in net flow. October hasn’t started off as optimistically as expected for crypto bulls. Bitcoin and altcoins have seen some serious selling pressure, but it has nonetheless provided an opportunity for whales to buy into the dips.
Hoping for a rally in October, major investors have focused on altcoins like Ethereum, Toncoin, and Axie Infinity as the most promising options. Let’s take a look at why each of these assets could be a good investment ahead of the new altcoin cycle.
1. Ethereum (ETH)
Despite improving fundamentals, Ethereum, the second-largest cryptocurrency, continues to face selling pressure, with ETH falling 10% in a week. At the time of writing, Ethereum is trading at $2,420, up 1.64%, with a market cap of $291 billion.
According to the MVRV (Market Value to Realized Value) metric, the current price decline presents a great buying opportunity. Data from Santiment shows that the 30-day and 90-day MVRV for Ethereum are -3.69% and -12.51%, respectively. A negative MVRV indicates that the asset is trading below its historical value, which could be a buy signal.
Ethereum whales are taking advantage of this opportunity. Those holding between 10,000 and 10,000,000 ETH have significantly increased their holdings by buying 200,000 ETH worth $476 million in the last week. Some analysts believe that Ethereum is on track to reach over $10,000 in the next bull cycle.
2. Toncoin (TON)
The second altcoin on the list is Toncoin (TON), which has seen impressive growth this year thanks to the increase in demand for Telegram-based games. As a result, TON has taken a place in the top 10 cryptocurrencies by market cap. TON is currently trading at $5.40, down 9% from last week, with a market cap of $13.8 billion.
Despite market fluctuations, whales remain confident in Toncoin’s long-term potential. Over the past week, TON’s net large holder flow — the difference between coins bought and sold — has grown by 1,698%. These large investors, who hold more than 0.1% of the asset’s total supply, are signaling an increase in their positions.
3. Axie Infinity (AXS)
The third altcoin on the list is Axie Infinity (AXS). This is the token of a leading play-to-earn platform that has attracted significant attention from large investors in recent weeks. Despite a 14% decline in AXS’s price over the past week, whales continue to accumulate the asset.
Data shows a steady increase in AXS transactions worth over $100,000 since September 30. This increase in large transactions could indicate a change in market sentiment, as significant players making purchases may be anticipating future price increases.
