- More than $ 1 million whale transactions have been reduced by more than 95%, signing a signal to weaken institutional trust in AVAX.
- The overall structure still remains weak, with a low high and clear market exercise.
Avalanche (AVAX) is relaxing, and bears are surrounded by seats and derivatives.
The token has maintained low higher patterns since early May, and the latest data shows that main support slides.
The details analyzed by AmbCrypto are as follows!
Whale trading falls sharply
Given the current market sentiment, large -scale holders and investors appear to be exiting their positions and weaken their prospects.
The whole chain analysis platform INTOTHEBLOCK reports that whale transactions are sharply reduced in all values.
The transactions of $ 1 billion to $ 1 million decreased by 65%, while transactions from $ 10 million to $ 10 million decreased by 95%.
Meanwhile, the transaction, which exceeds $ 10 million, has been completely suspended, reducing expensive activities by 100%.
Source: INTOTHEBLOCK
This steep drop signals wider retreat from deep pocket investors, and Avax’s structural support is weakened.
Merchant’s eyes in a short position
It is not only a cryptocurrency that has lost interest in tokens so far, but also a trader.
According to the data from CoingLass, the whole chain analysis tool, merchants have weakened their emotions over time.
Avax is nearly $ 20.28 for Press Time.
However, the derivatives map shows short positioning accumulated over $ 21.39. The cumulative short liquidation leverage recorded 12.5 million people and surpassed it for a long time.
In contrast, long -distance leverage was only $ 84.3 million from $ 19.80 to $ 21.39, suggesting a tense long -term bet under the key resistance.
Source: COINGLASS
On the last day, AVAX fell by more than 3.10%, and the 24 -hour trading volume decreased by 22% as merchants moved to side jobs.
As the driving force decreases with weakness and whale confidence, the chances of another leg will be stronger.
Long liquidation, price crash imminent?
Due to this drop, traders who bet on long positions faced liquidation.
In the last 24 hours, a $ 2.9 million position has been deleted, and $ 189K comes out with long liquidation. This tilt shows that the bull loses the grip quickly.
In Binance, a long/short ratio stood at 2.67 over the account, but the actual top trading position was maintained more careful at 1.72.
Source: COINGLASS
When combining all of these warmth metrics with the current market sentiment, AVAX is weak and seems to be able to see the shortcomings in the future.