AVAX extended its decline this week, falling to $10, its lowest level since November 2023. The drop came even as Avalanche posted stronger on-chain activity and fresh ETF inflows. From its $65 peak in December 2024, the token is now down by more than 80%.
ETF inflows rose, but price kept falling
Data cited from SoSoValue showed that the newly launched VanEck Avalanche ETF attracted more than $1.24 million in inflows. That pushed total net assets to $3.73 million. The fund gathered assets, yet spot price action remained under pressure.
Network data painted a very different picture. Over the past 30 days, Avalanche active addresses climbed 273% to 1.57 million. During the same period, transactions increased by 3.2% to nearly 70 million. Usage moved up. Price moved down.
RWA and stablecoin activity continued to expand
According to data referenced from RWA, tokenized real-world assets on Avalanche rose to more than $641 million. The report said companies including Franklin Templeton, Apollo Global, BlackRock, and Janus Henderson have adopted tokenized funds on the network.
Avalanche also remained a sizable venue for stablecoins. Its stablecoin supply reached more than $2.20 billion, while the number of holders climbed above 3.5 million. Those figures point to continued growth in asset issuance and on-chain participation even as the token itself weakened.
Technical setup shifts focus to the $8.40 record low
On the weekly chart, AVAX has stayed in a pronounced bearish trend for years. The token has now broken below $15.11, a support level that marked the lows seen in March and June last year. That area also represented the lower boundary of a descending triangle pattern.
The article also noted that AVAX has moved below its 50-week and 100-week Exponential Moving Averages, and has slipped under the Supertrend indicator. Based on that setup, sellers are now seen targeting the $8.40 all-time low.