The price of AVAX managed to rally by around 20% in the last couple of days- as a new report came up about millions of dollars flowing into investment products. This was mentioned by CoinShares, an institutional crypto fund manager, where they highlighted that the investment vehicle had managed to attract close to $25 million in the week that ended on the 21st of February. This was incidentally the second-biggest inflow ever recorded in the period after the attraction of $89 million by Bitcoin.
AVAX rebounds against macro headwinds
On the other hand, the top rival of AVAX, Ethereum, managed to get through an outflow that had a total of $15 million. On the whole, quite a few cryptocurrencies similar to Avalance went and attracted around $109 million- which then recorded their fifth week of positive inflows straight in a row.
Interestingly, this influx of capital into AVAX did come despite massive macro headwinds across the riskier assets- which were led by the major conflict between Ukraine and Russia. The crisis did manage to inject fear into both cryptos as well as traditional markets. As a cautionary tale, CoinShares also witness the inflows into the investment of Avalance vehicles- which shouldn’t be traded as a signal for the altcoin’s broader appetite.
AVAX saw a recent surge to $82.50 from $67 between the 22nd and 23rd of February, where they returned massive paper profits of around 22%. This also led to them reentering the top-ten cryptocurrencies by market cap. On the other hand, Bitcoin and Ethereum only managed to rally up by 8% and circa 10.5% respectively in the same period. Nevertheless, the recovery trend of Avalanche did show some signs of exhaustion after it tested at $80 as its resistance point.