When AVAX Was at Its Lowest Level in a Year, a Move Came from the Bitcoin Giant: Application Made! - Coin Bulletin

VanEck, despite the decline in the crypto market, has applied for an ETF based on Avalanche (AVAX) in the U.S.

US-based investment giant VanEck has joined the companies focusing on altcoin-based ETFs by submitting an official ETF application for Avalanche. According to the official records filed by the company with the authorities in the state of Delaware in the US, the VanEck Avalanche ETF application was submitted on March 10. This development coincided with a significant decline in the price of AVAX, reaching its lowest level in the past year at $16.27.

Thus, VanEck has also added Avalanche to the ETF list after Bitcoin, Ethereum and Solana (SOL) it applied for last year. The increasing permissions given by regulators in the US are also directing investment managers to the altcoin market.

The recent decline in the cryptocurrency market has not stopped investment firms from halting altcoin-themed ETF applications. On the contrary, leading names in the sector, Rex Shares and Osprey Fund, recently applied for another altcoin ETF product named MOVE. Fund managers aiming to attract the interest of large investors are expanding new investment products containing assets other than Bitcoin and Ethereum.

Finally, while the approval of VanEck's Avalanche ETF application is eagerly awaited, the market is also closely watching how AVAX will react to this development.