Avalanche’s native token, AVAX, is charging higher. The catalyst? Asset manager Bitwise has filed for a spot Avalanche ETF with the U.S. Securities and Exchange Commission (SEC), sending the price up 7% in a single day.
While the broader crypto market held steady, this news has analysts buzzing about AVAX’s potential to break toward the $50 mark and beyond.
AVAX Price Shows Strong Momentum
AVAX isn’t just moving on ETF hype; it’s displaying genuine strength. The token is already up 17.5% over the past week, making it one of the top-performing altcoins.
It has successfully broken past the key $30 resistance level. Furthermore, daily trading volume jumped 10% to over $1.25 billion, confirming strong bullish sentiment behind the move.
Popular analyst KALEO famously stated that “AVAX price under $50 is a steal.” The token is now approaching the top of a multi-year descending trendline. A decisive breakout above this line could end a long-term downtrend and open the path to a massive rally, with some targets as high as $135.
Ecosystem Growth Supports the Rally
The positive momentum isn’t just about price. Fundamental metrics across the Avalanche ecosystem are also flourishing.
- The Total Value Locked (TVL) has climbed to $2.09 billion, up significantly from $1.93 billion just a week ago.
- Decentralized exchange (DEX) volumes have remained above $2 billion for eight consecutive weeks.
- The stablecoin market cap on Avalanche has grown nearly 5% to $2.31 billion.
This data shows a clear uptick in real user activity and capital flowing into the network, providing a solid foundation for the price rally.
What is the Bitwise Avalanche ETF?
Bitwise’s filing follows similar moves by Grayscale and VanEck. The proposed fund is designed to provide investors with direct exposure to AVAX by holding the actual token in custody.
Coinbase Custody Trust Company will serve as the custodian for the fund’s assets. The ETF’s net asset value will track a benchmark rate published daily by CF Benchmarks.
While the SEC’s approval is not guaranteed, the filing itself is a powerful signal of growing institutional interest in the Avalanche ecosystem and a major catalyst for the current price surge.