Three Altcoins Crypto Whales Bought in the First Week of October 2024

The first week of October 2024 was not very good for the crypto market, mainly because geopolitical tensions in the Middle East. Many major assets, including Ethereum (ETH) and Toncoin (TON), retested multi-week lows. Despite the market challenges, crypto whales have continued buying certain altcoins, with Toncoin, Ethereum, and Axie Infinity (AXS) standing out as the top picks. 

Toncoin (TON) 

Toncoin, linked to Telegram, is currently trading at $5.35, down 9% over the past week. It hit a low of $5.16 during Thursday’s session but remained a favorite among crypto whales. These large holders have shown long-term confidence in its potential, even in a volatile market. Toncoin’s whale netflow, which measures the difference between the amount whales buy and sell, surged by 1698% in the last seven days. 

Whale netflow growth indicates accumulation by big investors, showing they believe in future price growth. These whales, who hold more than 0.1% of Toncoin’s total supply, see the current dip as an opportunity to buy more. 

Ethereum (ETH) 

The price of Ethereum, the second-biggest cryptocurrency, dropped by 10% last week. Whales, though, are making the most of this dip. The market value to realized value (MVRV) ratio of Ethereum has shifted to the negative. An asset is said to be trading below its average acquisition cost if the MVRV is negative, which is frequently interpreted as a buy signal. For Ethereum, the 30-day and 90-day MVRV ratios are -3.69% and -12.51%, respectively.  

On this signal, whales with 10,000–10,000,000 ETH have taken action. They increased their holdings by 200,000 ETH, or $476 million, in the last week. A surge in accumulation suggests that Ethereum’s long-term worth is once again highly valued.  

The Axie Infinity (AXS)  

AXS, the native token of Axie Infinity, attracted whale interest as well. Despite the token’s 14% price decline over the course of the week, large transactions involving AXS continued to rise. Since September 30, the number of AXS transactions exceeding $100,000 has steadily increased. 

A rise in high-value transactions suggests that whales may anticipate a rebound. When large players invest during a dip, it often signals they expect future gains. The activity around AXS reflects this sentiment, with whales potentially positioning themselves for a price recovery. 

Whale Accumulation Highlights 

Despite a challenging week in the market, whales remain optimistic. Their continued investments in Toncoin, Ethereum, and AXS hint at long-term confidence in these altcoins’ potential.