Cryptocurrency Market Reacts to Geopolitical Tensions in the Middle East; Whale Activity Focuses on Toncoin, Ethereum, and Axie Infinity

Toncoin (TON)

Despite a recent price decline, Toncoin (TON) has piqued the interest of crypto whales, who continue to accumulate the token. Its current price of $5.35 reflects a 9% drop over the past week, with whale addresses showing a significant increase in netflow by 1698%.

Whale Accumulation Indicates Long-Term Confidence in Toncoin

Large holders of TON, defined as addresses holding over 0.1% of the circulating supply, have been actively adding to their positions, signaling a bullish sentiment towards the altcoin.

Ethereum (ETH)

While Ethereum (ETH) has experienced a 10% decline in value, its negative Market Value to Realized Value (MVRV) ratio suggests a buying opportunity. With a 30-day MVRV of -3.69% and a 90-day MVRV of -12.51%, traders are eyeing the dip as a chance to enter the market.

Whales Capitalize on Ethereum’s Dip

Whales holding significant amounts of ETH have taken advantage of the price drop, adding 200,000 ETH valued at $476 million to their portfolios in the past week.

Axie Infinity (AXS)

Despite a 14% decrease in price, Axie Infinity’s native token, AXS, has witnessed an uptick in whale transactions. Large players appear to be accumulating AXS, as evidenced by a rise in daily transactions exceeding $100,000 since September 30.

Whale Activity Signals Positive Market Sentiment for Axie Infinity

The increased number of large transactions involving AXS could indicate a positive outlook on the token’s future price performance.