- VanEck filed for the first Avalanche ETF in Delaware amidst increasing altcoin ETF filings.
- AVAX price dropped over 10% today despite a surge in its trading volume.
Altcoin ETF filings have been increasing ever since the Trump administration began in the US. Ether, Solana, XRP, and ADA cryptocurrencies have already entered the ETF race. Recently, SUI ETF was also filed by Canary Capital in Delaware. Today, VanEck introduced yet another cryptocurrency, AVAX, to the growing ETF filings.
One of the top asset management companies, VanEck, has recently registered an Avalanche ETF Fund in Delaware. Official records from Delaware state website also confirm the filing from VanEck. In line with the previous filings, VanEck also registered the Avalanche ETF as a trust corporate service company.
This marks the fourth crypto ETF registration by VanEck. Bitcoin, Ether, and Solana are the first three cryptocurrencies filed for ETF products by this organization. VanEck was one of the first global firms to file for Solana ETF way before in June 2024.
Avalanche Token AVAX Drops Over 10% Today
Avalanche native token AVAX price dropped by more than 10% today amidst broader market slump. At press time, AVAX is trading at $16.96 with more than 4% drop in the last 24 hours. While its 24-hour high is $18.6592, it dropped to as low as $15.42 earlier today. However, its 24-hour trading volume surged by more than 66%.
The crypto community is hoping for an AVAX price rise as VanEck’s ETF filing might improve investor sentiment. Despite the ongoing price drop, the crypto community is 86% bullish and 14% bearish on AVAX price. Once the broader crypto market gets past the present bear run, AVAX price might witness a considerable surge.
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