Whales Make Bold Moves on Toncoin, Ethereum, & Axie Early October

• Crypto giants are making strategic moves on Ethereum (ETH), Toncoin (TON), and Axie Infinity (AXS), seizing opportunities amid market fluctuations.
• Ethereum whales have expanded their holdings by amassing 200,000 ETH valued at $476 million in the last week, while Toncoin’s significant stakeholders experienced a 1698% rise in net flow.

Whales make bold moves on Toncoin, Ethereum, and Axie Infinity in early October, capitalizing on the current market downturn. While the crypto market faced hurdles at the start of this October, with Bitcoin and similar assets encountering selling pressure, whale investors viewed this scenario as a prime opportunity for strategic purchases. As the community awaits an anticipated ‘Uptober’ rally, these major holders are particularly interested in acquiring altcoins such as Ethereum (ETH), Toncoin (TON), and Axie Infinity (AXS). Let’s delve into the factors that render these cryptocurrencies favorable ahead of the upcoming alt season.

A Closer Look at Ethereum (ETH) Investment

Ethereum, the second largest cryptocurrency worldwide, continues to battle market resistance, as evident in its 10% decline on weekly charts. Presently, Ethereum is witnessing a slight upswing of 1.64%, trading at $2,420 and upholding a market cap of $291 billion. This downturn, however, highlights a potential buying window suggested by the market value to realized value (MVRV) ratio. According to data from Santiment, Ethereum exhibits MVRV ratios of -3.69% for 30 days and -12.51% for 90 days, indicating a below-cost trading environment which usually signals a buy opportunity.

Notably, Ethereum whales, controlling between 10,000 and 10 million ETH, are leveraging this scenario, accumulating 200,000 ETH worth $476 million in the past week. Some market experts, citing the CNF report, predict Ethereum may exceed the $10,000 mark in the forthcoming bullish phase.

Toncoin (TON) Gains Momentum Among Whales

Toncoin (TON), another cryptocurrency attracting whale attention, has enjoyed significant upward momentum driven by an upsurge in Telegram-based game demand this year. Currently, TON stands among the top 10 cryptocurrencies by market cap, though its price has dipped nearly 9% to $5.40 over the past week, maintaining a market cap of $13.8 billion. Despite such fluctuations, whale investors exhibit unwavering commitment to TON, signaling long-term confidence in its price potential.

Large Toncoin holders, representing more than 0.1% of its circulating supply, reported a drastic 1698% increase in net flow, reflecting raised whale acquisition. Such trends, highlighted in the CNF report, affirm the confidence whales place in TON’s prospective development.

The Appeal of Axie Infinity (AXS) to Whale Investors

Axie Infinity (AXS) also emerges as an attractive choice for larger investors, notwithstanding a 14% decline in its price over the past week. AXS, the native token for the prominent play-to-earn platform, has seen its fair share of accumulation by whales recently, underpinning its sustained appeal.

Following September 30, on-chain evidence records an upward trend in transactions exceeding $100,000, suggesting a potential shift in market outlook. Such involvement from significant players could imply expectations for impending AXS price escalation.

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