Grayscale pushes for their AVAX trust’s conversion with a fresh NASDAQ filing coinciding with Avalanche’s activity peak.
Grayscale Investments is looking to convert their existing Avalanche (AVAX) based digital asset trust into a publicly-traded exchange traded fund (ETF). The fund tracks Avalanche’s (AVAX) price, operating as a passive investment product.
Likewise, proposed AVAX ETF would track the altcoin’s price, while settling the redemptions in cash via the authorized participants. In this ETF pitch, Coinbase Prime is the chosen one to handle AVAX Spot-related brokerage & custody services.
Previously, Grayscale has successfully applied for Bitcoin (BTC) & Ether (ETH) ETFs, staying a key player in both markets. If approved, a Grayscale Avalanche ETF product would grant unprecedented exposure to AVAX for investors typically refraining from direct crypto investments.
AVAX Hits 1.7M Daily Transactions: What’s Driving It?
Trading at $24.04, Avalanche (AVAX) holds a hefty trading volume of nearly $1 billion in 24 hours, outpacing many higher-ranked peers like Aave (AAVE), Arbitrum (ARB), Uniswap (UNI) & more. This coincided with the yearly peak of 1.7 million transactions yesterday, hit on Avalanche’s C-Chain.
According to DappRadar, Uniswap’s V3 gained the biggest trading volume, topping $65 million on Monday. ODOS DeFi protocol & Trader Joe dApp cumulatively gained $40.76 million, sparking trading activity unprecedented on the C-Chain since February, 2024.
Despite the DeFi outburst, AVAX’s price slipped 7.4% since yesterday’s close as Sunday had seen some drastic liquidations, with some wiping out $250 billion in a matter of minutes. Regardless, AVAX price is still many minutes away from the all-time high of $144, hit almost 4 years ago, which screams unrealized potential if the trading volume on C-Chain persists.
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