Story Highlights
- VanEck has registered an Avalanche ETF fund in Delaware.
- AVAX pricing plummeted 10% despite a 66% increase in trading volume.
- Altcoin ETF submissions are increasing, with SUI, Solana, and XRP in the race.
VanEck officially filed for an Avalanche ETF in Delaware, another altcoin, adding to the list of cryptocurrency ETF filings that continues to swell. The application follows a series of increasing altcoin ETF filings, particularly amid indications from the Trump administration indicating a more receptive stance toward crypto.
The Delaware state government’s filings validate VanEck’s Avalanche ETF application, its fourth crypto ETF filing. The company had already filed for Bitcoin, Ether, and Solana ETFs. VanEck was also the first global asset manager to file a Solana ETF application in June 2024.
With Ethereum, Solana, XRP, and Cardano already making inroads in the ETF space, and Canary Capital having just filed for a SUI ETF, Avalanche’s addition further underscores the increase in demand for structured investment products in the crypto market.
AVAX Price Falls 10% Amid Trading Volume Boom
Even with VanEck’s ETF filing, Avalanche native token AVAX had a steep price fall of over 10% today. The current price of AVAX is $16.96, down over 4% in the last 24 hours. The token fell as low as $15.42 earlier in the day, despite its 24-hour trading volume increasing by over 66%. And at the time of press AVAX is trading at $17.76.
The general crypto market decline seems to be dragging AVAX’s price down, but the crypto community is still generally upbeat. Sentiment is 86% bullish in the community, believing that the ETF filing will boost investor confidence when market conditions return to normal.
VanEck has been working hard in the space of crypto ETFs, having filed a spot Solana ETF with the SEC back in June 2024. It also sponsors Bitcoin-backed ETFs, and is therefore an important provider based on digital asset investment product offerings.
Though the SEC has not yet approved a spot AVAX ETF, the filing by VanEck describes increasing institutional demand for Avalanche and other Layer 1 blockchain tokens. If approved, the fund will offer institutional investors and traditional investors direct access to AVAX in a regulated investment product.
With increasing altcoin ETF filings and increasing institutional demand, Avalanche can expect renewed momentum if combined market trends increase in strength.
