Amid Hopes of 'Uptober' Rally, Crypto Whales Accumulate Ethereum (ETH), Toncoin (TON), and Axie Infinity (AXS)

It's been a tough start for crypto market bulls this October with many anticipating a strong beginning to Q4 2024. Bitcoin and altcoins faced some

Crypto whales are showing a preference for altcoins over Bitcoin (BTC) as the first week of October saw selling pressure on the digital asset. However, the dips are being seen as an opportunity to buy at a discount.

While Bitcoin whales are observed to be selling their holdings, smaller whales are noted to be accumulating BTC. This trend is highlighted by the netflow of large Bitcoin holders, which showcases the difference between coins bought and sold by whale addresses.

According to the data, smaller Bitcoin whales, whose addresses hold between 0.01% and 0.1% of the asset’s circulating supply, have shifted 60,000 BTC, valued at $1.4 billion, into their wallets over the past seven days. This netflow showcases a strong accumulation trend among smaller whales.

On the other hand, larger Bitcoin whales, whose addresses hold over 0.1% of the asset’s circulating supply, have shifted a total of 20,000 BTC into their wallets over the past seven days. However, these whales have also sold a net 40,000 BTC over the same period, resulting in a net outflow of 20,000 BTC. This net outflow suggests that larger whales are overall selling their holdings at a faster rate than smaller whales.

Overall, the data suggests that smaller whales are accumulating Bitcoin at a faster rate than larger whales, who are instead selling their holdings. This trend could be a sign of smaller whales’ optimism about the asset’s future price performance.

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