An institutional Avalanche ($AVAX) whale has sent a seven-figure deposit to Coinbase, ending a long stretch of accumulation, according to data from @Arkham. The address beginning 0x55De moved
An institutional Avalanche ($AVAX) whale has sent a seven-figure deposit to Coinbase, ending a long stretch of accumulation, according to data from @Arkham.
The address beginning 0x55De moved 119,416 $AVAX, worth about $1.1 million, to a @Coinbase exchange wallet. It is the wallet's first deposit to a centralized exchange in six months. Exchange deposits of this kind are typically read as a sign the holder may sell, though the transfer alone does not confirm that.
The deposit also breaks the pattern that defined the wallet's activity. The address began accumulating 727 days ago, building its position through withdrawals from the Coinbase and Bitstamp order books. Moving tokens back onto an exchange reverses that direction for the first time in the period.
The sale, if it happens, would be small relative to the wallet's size. The address still holds more than 1.36 million $AVAX, for a total portfolio value of $12.52 million. The deposit therefore represents less than 10% of the stack by value, and the whale remains a large holder.
Whale deposits have drawn attention in the AVAX market before. AMBCrypto reported that Avalanche faced exchange-side selling pressure after a separate whale sent $2.4 million of tokens to Coinbase in multiple transactions over four hours.
On price, Coinbase data shows AVAX trading near $9.64, down about 12% over the past month and roughly 49% over the past year. The token remains far below its 2021 peak of $147.50, according to the same page.
Avalanche is described by Crypto.com as an open, programmable smart contracts platform that launched its mainnet in September 2020, with $AVAX used for payments, security and connecting the network's functions.
Traders will be watching whether further transfers follow from the same address, and whether the remaining 1.36 million $AVAX stays in place or also moves to exchanges.
AMBCrypto: Avalanche whale deposit and AVAX selling pressure
