AVAX Surges 7% as Bitwise Files for Avalanche ETF

AVAX, the native token of Avalanche, increased by 7% on September 15 following Bitwise's filing for an Avalanche ETF. The token has shown a 17.5% gain over the past week, reaching and surpassing its $30 resistance level. Daily trading volumes have increased by 10% to over $1.25 billion.

Analysts suggest AVAX could reach $50, with potential to rally to $135 if it breaks above a long-term descending trendline.
Open interest in AVAX futures rose by 10% to $1.45 billion.
Total value locked (TVL) in the Avalanche ecosystem increased from $1.93 billion to $2.09 billion, indicating higher network activity.
DEX volumes on Avalanche exceeded $2 billion for eight weeks, and the stablecoin market cap rose nearly 5% to $2.31 billion.

Avalanche TVL shoots past $2 billion. | Source: DeFiLlama

Bitwise's Avalanche ETF aims to provide direct exposure to AVAX, with shares listed on a U.S. exchange. Coinbase Custody Trust Company will act as custodian for the assets.