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About $180 million worth of Avalanche (AVAX) has been transferred to Coinbase over the past six months, prompting concerns about sustained selling pressure and weak price momentum.
AVAX is trading around $9.07, down 3.35% over the past 24 hours. The on-chain figure—$180 million sent to Coinbase—has raised questions about who is selling and why, particularly as broader parts of the market have shown signs of recovery.
The $180 million total represents approximately 1.88% of AVAX’s circulating supply. Community discussion and some analysts cited this as a consistent outflow that may be contributing to the token’s difficulty in sustaining upward momentum.
Attention intensified after reports of a single transaction moving $104 million in AVAX to Coinbase. Large transfers to exchanges are often interpreted by market participants as preparation for selling, and the size of the reported move drew immediate scrutiny.
One community member questioned the transaction directly, writing: “They sent $104 million in a single transaction?”
When asked who was behind it, one account replied: “You know who,” a response that has continued to fuel debate within the community.
In addition to the exchange transfer totals, the community discussion also linked the outflows to broader concerns about utility tokens during the current cycle. One user argued that the 2025 to 2026 period has been worse than 2019 for serious projects, pointing to the dominance of meme coins as a factor drawing attention and capital away from tokens building infrastructure.
Holders who remained in AVAX through the decline highlighted that they are in a worse position than those who sold earlier. The overall reaction reflected skepticism and frustration, with some users focusing on large exchange-bound transactions as a key reason behind AVAX’s weak price performance.
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