down 96% from 2021 peak and just hit new lows last week. but today VanEck and Bitwise launched spot AVAX ETFs with staking yield, and yesterday they dropped the Avalanche Payments Collective with Franklin Templeton, Paxos, Ethena, 28 orgs total.
price says one thing, institutional product launches say another. Treasury Co also debuted on Nasdaq last week, opened 38% below listing price but they're buying over $1B in AVAX tokens.
think about how bad it is. it's worse than that.
avalanche treasury co listed on nasdaq june 11, opened 38% below listing price, and announced a $1b AVAX purchase that hasn't been executed yet. at $6.76 that's 148m AVAX, 34% of circulating supply. meanwhile $1.65b in RWAs already deployed on the network from janus henderson, jpmorgan onyx, and apollo. the tokenized assets on avalanche now equal 56% of AVAX's entire market cap. AVAT got punished because the market wanted another MSTR clone and instead got a diversified ecosystem fund launching into maximum pain. the buying pressure hasn't even started