January 28 News, as of early 2026, market sentiment in the cryptocurrency space remains subdued, with some altcoins under particular pressure. VanEck’s launched US spot Avalanche (AVAX) ETF had a lackluster first day, recording no net fund inflow, with a total trading volume of only about $330,000 throughout the day, sparking discussions about the actual demand for altcoin ETFs.
In contrast, other similar products had a strikingly different debut. The Solana-related ETF launched by Bitwise at the end of October last year attracted approximately $69 million in inflows despite market volatility, with a trading volume approaching $58 million. In mid-November, Canary Capital’s first XRP spot ETF raised about $245 million on its debut day, and Grayscale’s LINK ETF also garnered around $41 million in interest. Compared to these, the “zero inflow” of the AVAX ETF appears particularly glaring.
Whether this result indicates a slow launch pace or reflects the market’s true attitude toward mid-tier altcoin ETFs remains uncertain. Bloomberg analyst James Seyffart pointed out that top-ranked cryptocurrencies by market cap are likely to launch ETF products in the future, but he personally favors index-based solutions over single-asset ones.
From the sentiment indicators, AVAX was in a clearly pessimistic zone during its listing. Its Fear & Greed Index once dropped to 20, then only slightly rebounded to 29, remaining in a state of “panic.” The ETF launch did not significantly alter market expectations, and speculative funds continue to remain cautious.
Derivatives data also confirms weak demand. Since a sharp correction in early October last year, AVAX’s open interest has rapidly shrunk from nearly $1 billion to below $200 million, indicating limited new participation in both spot and futures markets. In terms of price, AVAX has recently only rebounded slightly by about 2%, still oscillating within the $11 to $15 range.
Currently, bulls are trying to hold the key level around $11, but market reactions to ETF-related news are tepid, putting the sustainability of the rebound to the test. If the lower boundary of the range is broken, price volatility risks could further increase, and short-term trends will depend on whether there is a substantial improvement in market liquidity.
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