Spot AVAX ETF Race: Two Major Institutions Compete for Filing, but Price Rises and Falls Back

[Crypto World] Grayscale recently submitted an updated registration statement to the U.S. Securities and Exchange Commission for a spot Avalanche ETF. This submission particularly emphasizes the optimization of the physical creation mechanism and the improvement of risk disclosures. Coincidentally, another leading asset management firm is also actively pushing forward with the application process for an AVAX ETF. The competition between the two institutions in this track has already become intense.

Market enthusiasm for ETF filings was once very high—last week, AVAX surged over 9% on this wave of optimism. However, the rally did not last long, and the upward momentum gradually weakened. In the past 24 hours, it even retraced more than 2%, and investors’ enthusiasm has begun to wane. From institutional filings to market cooldown, this process reflects the rapid change in market sentiment. Although spot ETFs are seen as an important channel for traditional capital to enter the crypto market, the market’s ability to digest such news is also continuously testing investors’ patience.