$AVAX has fallen from $144 to $9 — a brutal 94% drawdown. Despite being an established public chain, activity and hype have cooled significantly. Even at current levels, early VC entries still sit comfortably, and ETF-related news (like VanEck exposure) can sometimes act as liquidity events rather than pure bullish catalysts.

With ~60% circulation and large unlocks still pending (billions in value), supply pressure remains a key risk factor. Structure is weak, momentum is fragile, and rallies may face heavy selling.

From a risk-reward perspective, bias leans cautious-to-bearish unless strong demand returns. Trade here. 👇👇👇

AVAXUSDT

Perp

9.292

+3.17%