Nearly 300,000 AVAX reportedly moved OTC before entering staking, limiting immediate supply returning to open markets. A separate 649,998 AVAX deposit reached Coinbase Prime, though the trans
AVAX market outlook remains cautious as institutional wallet activity meets weakening momentum, leaving traders focused on support, resistance, and subsequent blockchain flows.
Multicoin Capital reportedly transferred 299.99K AVAX through Galaxy Digital's OTC desk. The transaction was valued near $1.93 million at transfer. The receiving wallet was identified as 0xc8E9 in the reported transaction.
According to Nazoku, the investor immediately staked the entire allocation. That action separates the transaction from an immediate exchange liquidation. The coins therefore moved into a yield-generating position after changing ownership.
https://twitter.com/Nazo_ku/status/2085579345444413510?s=20OTC transactions can occur without directly affecting public exchange order books. Large ownership changes can therefore happen without equivalent spot-market selling. The reported transaction provides an example of that distinction.
The displayed records also show earlier Galaxy Digital activity involving similar quantities. Around four weeks earlier, roughly 300K AVAX changed hands. Another smaller transfer involved approximately 25 AVAX during that period.
A separate wallet, identified as 0x87D, moved 649.998K AVAX. The transaction carried an estimated value near $4.27 million. The destination shown was Coinbase Prime, according to the supplied data.
That allocation was substantially larger than the reported Multicoin transaction. However, a Coinbase Prime deposit does not automatically indicate an upcoming sale. Institutional wallets can use such platforms for custody, execution, settlement, or portfolio management.
The same wallet also transferred approximately 249.998K AVAX elsewhere. That movement was valued around $1.64 million in the displayed records. The combined activity therefore warrants monitoring without establishing a clear directional position.
Nazoku's report also references Multicoin's historical Avalanche involvement. The firm has been associated with early Avalanche investment activity. However, specific investment sizes and structures remain undisclosed within the supplied information.
The four-hour chart shows AVAX trading around $6.45 after retreating from nearly $7.00. Price remains beneath a descending resistance trendline. That structure has connected several recent recovery highs.
Source: TradingViewImmediate support sits around $6.40, where recent candles have repeatedly reacted. A sustained break beneath that area could expose the $6.20 region. Buyers previously responded around that lower zone during the recent decline.
Resistance begins around $6.55-$6.60, where the descending trendline currently converges. A four-hour close above that barrier could improve the short-term structure. Higher levels around $6.80 and $7.00 would then become relevant.
Momentum indicators continue to favor caution rather than a confirmed reversal. The RSI stands near 42.20, remaining below its neutral midpoint. Meanwhile, the MACD remains negative, although its histogram appears relatively compressed.
The chart therefore presents a market caught between institutional activity and fragile technical momentum. The staking transaction reduces immediate liquid supply, while Coinbase Prime activity remains directionally unclear. Until price breaks either major boundary, the market structure remains defined by $6.40 support and $6.55-$6.60 resistance.
