Grayscale has submitted an updated S-1 registration statement to the U.S. Securities and Exchange Commission (SEC) for its proposed spot Avalanche ETF, focusing on technical adjustments such as the physical creation mechanism and risk disclosures. Previously, VanEck also submitted detailed registration documents for its AVAX ETF, intensifying market competition. Although last week the AVAX price surged over 9% due to optimistic sentiment in the ETF market, it has since retraced, falling over 2% in the last 24 hours as market enthusiasm gradually wanes.