VanEck’s recent ETF filing for Avalanche (AVAX) was anticipated to be a major catalyst for price movement. If approved, the ETF would allow institutional investors to gain exposure to AVAX without directly purchasing the cryptocurrency. Historically, similar filings for Bitcoin and Ethereum have triggered significant price surges. However, AVAX’s price remained largely unchanged, raising questions about market sentiment.
ETF Announcement Fails to Ignite AVAX Rally
Despite the ETF news, AVAX continued trading around $18.6 without showing signs of an upward breakout. Technical indicators suggest a lack of bullish momentum, with AVAX still below key moving averages. The 50-day moving average stands at $21.5, while the 200-day moving average is at $33.2. Additionally, the Relative Strength Index (RSI) hovers at 43.75, indicating weak buying interest.
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Institutional Investors Remain Cautious
Market data shows that as of March 14, total ETF net outflows reached -$106.10 million, reflecting institutional caution towards crypto assets. Over the past week, ETFs experienced a cumulative net outflow of -$433.35 million. However, in the past three months, total ETF inflows have increased by $450.17 million, suggesting that institutional interest in crypto remains intact in the long run.
What’s Next for AVAX?
For AVAX to gain upward momentum, it needs stronger catalysts beyond the ETF filing. A decisive move above the $21.5 resistance level could fuel bullish sentiment, while failure to break this level may lead to further selling pressure. Investors will closely monitor the SEC’s ETF decisions and institutional engagement with AVAX in the coming weeks. For now, the cryptocurrency remains in a consolidation phase, reflecting broader market uncertainty.
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The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
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