Whales Buy the Dip: Metaplanet Bets on $BTC, $TON, $ETH, & $AXS Attract Large Investments

• Japanese Metaplanet has been acquiring Bitcoin ($BTC) since May, mirroring the strategy of a US-based firm, MicroStrategy.
• Metaplanet adopted a $BTC-first strategy due to sustained economic pressure in Japanand the weak yen.
• Whales are also showing interest in Ethereum ($ETH), Toncoin ($TON), and Axie Infinity ($AXS), indicating a growing diversification trend among large investors.

Japanese investment fund Metaplanet added another 108 $BTC, worth over $6.8M, to its $40M portfolio today. The firm had also bought 107 $BTC on October 1 and 38.46 $BTC on September 10.

However, $BTC isn't the only coin that attracts whales' attention. Recent data shows increased interest in $ETH, $TON, and $AXS.

Let's explore what tokens recently saw a spike in whale activity and what it means for the market.

Metaplanet's $BTC Bet Pays Off

Known as Asia's MicroStrategy' for a similar investment approach, Metaplanet has been actively acquiring $BTC since May 2024.

In the official strategic treasury transformation announcement, Metaplanet explained the shift related tosustained economic pressure in Japan. This includes high government debt, negative real interest rates, and a weak yen.

Metaplanet's $BTC-first, $BTC-only approach led to a 900% increase in the company's stock price. Trading at $300 on May 13 on the Tokyo stock exchange, it surged to $3K on July 24.

Metaplanet's stock has since dropped to $988, still translating into a 229% profit for investors who bought it after the announcement.

Beyond direct purchases, Metaplanet generated $1.4M in premium income by selling $BTC put options to QCP Capital.

In September, Metaplanet partnered with SBI VC Trade to ensure the security of its $BTC holdings and compliance with Japanese crypto regulations.

Market Dip Fuels Whale Activity

Despite a strong ecosystem, $ETH has been facing selling pressurelast week, with a 5.87% decline.

However, as small fish sell, whales see the dip as a buying opportunity. Over the week, $ETH whales accumulated 200K tokens worth $476M.

An hour ago, another whale bought 13.9K $ETH for $34M, suggesting this week would continue the whale transaction streak.

Another catch on this whale feast was $TON. After Telegram founder Pavel Durov's arrest, $TON was hit by a large-scale whale exit. Over 60% of $TON whales exited the project, causing an 8.41% slump in the token's price.

Yet, one whale's trash is another whale's treasure. Last week, $TON saw a comeback of large investors.

The number of addresses holding at least 10K $TON grew by 3%, and $TON net flow from large holders surged by 1,698%last week.

Similarly, $AXS's 10.32% weekly drop caused a spike in the daily transaction count exceeding $100K since September 30, driving the token's price up (+3.18% in 24 hours).

Whales Against the Tide

Increased whale activity suggests a bullish outlook. While retail investors sell to offset short-term losses, large holders see price dips as an opportunity to accumulate tokens in anticipation of soon appreciation.

As whales swim against the current, they create a powerful undertow. Will retail investors join it? We'll soon find out.

References

• Metaplanet Inc. (X)
• Metaplanet Inc. (Yahoo)
• Announcement of Partnership Between METAPLANET and SBI VC Trade for Bitcoin Transactions, Custody, and Management (Metaplanet)
• Crypto Whale Tracker (Clank)

The post Whales Buy the Dip: Metaplanet Bets on $BTC, $TON, $ETH, & $AXS Attract Large Investments appeared first on The Tech Report.