AVAX ETF Frenzy: Bitwise Joins the Circus 🎪💰

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In a move that would make even the Master and Margarita blush, asset management firm Bitwise has filed an S-1 registration statement with the US Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) tracking AVAX, the native token of the Avalanche blockchain. 🧙♂️✨

The proposed ETF, a financial chimera if there ever was one, aims to provide direct exposure to AVAX by holding the cryptocurrency itself, avoiding derivatives like a cat avoids water. Simplicity, they say, is the ultimate sophistication. Or is it just laziness? 🤔

Bitwise Begs the SEC for a Nod, Like a Stray Dog at the Dinner Table

According to the filing, the ETF’s net asset value (NAV) will be determined by referencing the CME CF Avalanche-Dollar Reference Rate – New York Variant. Coinbase Custody Trust Company, LLC will serve as the custodian, because who doesn’t trust a company with “Trust” in its name? 🤡

However, the specific exchange where the shares will be listed and the ticker symbol remain as undisclosed as the identity of the Master’s true form. 🕵️♂️

“The Sponsor believes that the design of the Trust will enable certain investors to more effectively and efficiently implement strategic and tactical asset allocation strategies that use Avalanche by investing in the Shares rather than purchasing, holding, and trading Avalanche directly,” the S-1 reads. In other words, they’re selling convenience wrapped in legalese. 📜🤓

This filing marks yet another step in the absurd ballet of institutional adoption of AVAX. It follows similar applications by VanEck in March and Grayscale in August, each vying for their piece of the Avalanche pie. Because nothing says “innovation” like three firms chasing the same ETF. 🏃♂️💼

AVAX’s 30% Rally: A Bullish Stampede or a Lamb’s Leap Before the Slaughter?

Bitwise’s move comes as AVAX enjoys a bullish rally, much like a cat basking in the sun. BeInCrypto Markets data reveals the altcoin’s value has soared nearly 30% this month. 🚀

Recently, AVAX crossed the $30 mark for the first time since February 2025, a feat as rare as a honest politician. At the time of writing, the coin traded at $30.09, up 1.7% over the past day. 📈

AVAX Price Chart

Beyond the price, the network is also seeing strong user adoption. According to Token Terminal data, daily active addresses have risen steadily, like a chorus of frogs in spring. 🎶

Yet, the risk of a correction looms like a storm cloud over a picnic. An analyst noted that AVAX’s Futures Volume Bubble Map shows signs of ‘heating up,’ with a rapid increase in leveraged positions marked by red signals. Historically, this overheating has preceded short-term corrections, because greed always gets its comeuppance. 🔥💥

“That’s because even a small pullback can trigger liquidations and accelerate downside pressure,” Burakkesmeci wrote, sounding more like a prophet of doom than a financial analyst. 🦉

However, the analyst added that this doesn’t necessarily herald an imminent crash, as AVAX’s broader upward trend remains intact. Still, the data serves as a warning sign that short-term volatility could emerge, like a mischievous imp in a china shop. 🤹♂️

Futures Volume Bubble Map

Future predictions, however, remain bullish. In an X post, an analyst highlighted that AVAX has broken out of a several-month-long range and an ascending triangle, a pattern as reliable as a clock in a Bulgakov novel. ⏳

An ascending triangle pattern is a bullish chart formation, with a breakout above resistance signaling further upward momentum. According to the analyst, AVAX could rise as high as $54 next, a level last seen in December 2024. 🌟

AVAX Ascending Triangle Pattern

Other market watchers corroborate this view, like a chorus of optimists in a tragedy. 🎭

“AVAX Easily one of the top coins to be buying right now. Ready to run shortly we should see a $50 Avalanche,” another analyst posted, with the confidence of a man who’s never met a bear market. 🐻

Thus, while short-term risks from leveraged futures trading remain, the broader outlook for AVAX appears as constructive as a well-built bridge. Supported by bullish technical signals and expanding ecosystem activity, if momentum continues, institutional products like the proposed ETFs may accelerate AVAX’s path toward mainstream recognition. Or they might just be another footnote in the grand farce of finance. 🎭💼

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2025-09-16 12:37