🚀 SEC Greenlights VanEck’s Avalanche ETF - AVAX Rockets to $36 Amid Crypto Frenzy

Wall Street's watchdog just dropped a bombshell—VanEck's spot Avalanche ETF is officially in play. Cue the market frenzy.

AVAX pumps 22% in 3 hours

The SEC's unexpected move sent AVAX soaring past $36 as traders scrambled for exposure. Not bad for an altcoin that was trading sideways just last week.

Institutional floodgates creak open

With this proceeding, VanEck becomes the first major player to bring regulated Avalanche exposure to traditional finance. Expect more filings to follow—nothing gets fund managers moving like FOMO.

The cynical take? Another speculative vehicle for hedge funds to pump before dumping on retail. But hey—at least the paperwork's legit this time.

Key Insights:

• VanEck Avalanche crypto ETF grabs attention from the US SEC as the agency seeks comments on listing on Nasdaq.
• The SEC earlier delayed the decision on VanEck Avalanche ETF and Grayscale Avalanche ETF.
• Analyst sets AVAX price target of $36 as transaction costs reduced and boost in DeFi, gaming, and enterprise adoption.

The U.S. Securities and Exchange Commission (SEC) seeks comments on VanEck spot Avalanche ETF listing and trading on Nasdaq. The agency started proceedings as Nasdaq proposed to list and trade the ETF under commodity-based trust shares.

Meanwhile, AVAX price has recovered after the crypto market crash, and analysts, including Ali Martinez, predicted a more than 50% upside from the current level.

US SEC Seeks Comments on VanEck Avalanche Crypto ETF

According to the latest US SEC filing, the government agency issued an order instituting proceedings to determine whether to approve or disapprove a proposed rule change to list and trade VanEck Avalanche ETF under Nasdaq Rule 5711(d).

Nasdaq proposed to list and trade VanEck Avalanche ETF under commodity-based trust shares. The ETF will track spot prices of AVAX based on the MarketVector Avalanche Benchmark Rate Index.

“Institution of proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule change. Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved,” stated the SEC.

On April 9, Nasdaq filed the request to list and trade the VanEck Avalanche ETF. However, it was published in the Federal Register on April 29, making July 28 the next deadline for the US SEC to make its decision.

SEC Delayed Avalanche ETF

The SEC delayed the decision on VanEck Avalanche ETF on June 12, designating a longer period to approve or disapprove the application. The agency received only one comment in support of approving the ETF under the commodity listing rule.

Grayscale also seeks approval of the Avalanche ETF from the US SEC. The crypto fund manager filed to approve the Avalanche ETF in March this year.

The final decision from the US SEC is expected by December 12 this year, as per Bloomberg. ETF analysts Eric Balchunas and James Sayffart believe the ETF has 90% odds of approval.

Notably, VanEck also launched the PurposeBuilt Fund to support projects building on Avalanche recently. The fund to power the next era of real-world blockchain innovation.

AVAX Price to Hit $36

Analyst Ali Martinez predicted AVAX price could rally to $36. He added that it needs to break above $27 to quickly pick up pace towards $36 price target.

Messari report stated that Avalanche looked strong after the Octane upgrade. It reduced transaction costs, fueled explosive growth across DeFi, gaming, and enterprise adoption.

Avalanche price was trading 2% higher at $23.77 after the crypto market crash. The 24-hour low and high were $22.91 and $24.43, respectively.

Furthermore, the trading volume decreased by 25% in the last 24 hours. It indicates a decline in interest among traders amid high volatility.

In the daily timeframe, the price was holding above the 50-SMA and 100-SMA, rebounding from the 200-SMA at the time of writing. Whereas the Relative Strength Index (RSI) dropped to 60 from 79, signaling room for another upside move.

Significant buying was observed in the derivatives market, as per CoinGlass data. At the time of writing, the total AVAX futures open interest jumped 5% to $637.40 million in the last 4 hours.

AVAX futures OI on Binance, OKX, and Bybit climbed more than 5%, 3.5% and 4%, respectively. This signals bullish sentiment among derivatives traders.