Contrary to the expected “Uptober rally,” the cryptocurrency market suffered a significant drop, driven largely by geopolitical tensions in the Middle East. Major assets saw their values ​​reduced, with some retesting multi-week lows.

Despite the market volatility, crypto whales have continued to accumulate certain tokens. Toncoin (TON), Ethereum (ETH), and Axie Infinity (AXS) have emerged as the top picks of these large holders.

Toncoin (TON)

Toncoin (TON), the Telegram-linked coin, is currently trading at $5.35, recording a 9% price drop over the past seven days. In fact, it hit a weekly low of $5.16 during Thursday’s intraday trading session.

However, this has not discouraged whales from buying the altcoin, demonstrating their long-term confidence in its price growth. Over the past seven days, for example, the net inflow of large TON holders — the difference between the coins that whale addresses buy and sell during a specific period — has skyrocketed by 1,698%.

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Net flow of large Toncoin holders. Source: IntoTheBlock

Large holders are whale addresses that hold more than 0.1% of an asset’s circulating supply. Thus, when their net inflow increases, it indicates an increase in whale accumulation.

Ethereum (ETH)

Ethereum (ETH) has fallen 10% in value over the past seven days. However, this decline has presented a buying opportunity, as evidenced by its negative market value to realized value (MVRV) ratio, which measures the overall profitability of all its holders.

Ethereum MVRV Ratio. Source: Santiment

At the time of 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 acquisition cost, offering a chance for traders looking to buy low.

Ethereum whales holding between 10,000 and 10 million ETH have done just that. Over the past week, this group of large investors has added 200,000 ETH, valued at $476 million, to their portfolio.

Ethereum supply distribution. Source: Santiment

Axie Infinity (AXS)

AXS, the native token of leading play-to-earn platform Axie Infinity, has also attracted the attention of crypto whales this week. Despite a 14% drop in its price during the period, the number of whale transactions involving AXS has steadily increased.

AXS whale transaction count. Source: Santiment

On-chain data reveals a consistent increase in the daily AXS transaction count exceeding $100,000 since September 30. A spike in large transactions could signal a shift in market sentiment.

That is, if big players are buying, this may suggest that they expect future price appreciation.

The article These were whales’ favorite altcoins in the first week of October appeared first on BeInCrypto Brasil.