Avalanche is trading around $9.07, down 3.35% in 24 hours, and the price weakness is only part of the story. On-chain data showing $180 million worth of AVAX sent to Coinbase over the past six months is raising uncomfortable questions about who is selling and why.
The figure represents approximately 1.88% of AVAX’s circulating supply, a consistent outflow that some analysts say is one of the primary reasons the token has struggled to find sustained upward momentum despite broader market recoveries.
The concerns grew after reports emerged of a single transaction moving $104 million in AVAX to Coinbase in one go. Large transfers to exchanges are typically interpreted as preparation for selling, and a transfer of that size in a single movement drew immediate attention.
One community member questioned the transaction directly, writing “They sent $104 million in a single transaction?,” questioning the scale and what it means for the token’s near-term outlook.
When asked who was behind it, the response from one account said, “You know who,” came the reply, adding a layer of speculation that the community has not stopped discussing since.
Some took the data as confirmation of a broader problem facing utility tokens in the current cycle.
One community member argued that the 2025 to 2026 period has been worse than 2019 for serious projects, blaming the dominance of meme coins for drawing attention and capital away from tokens that were building real infrastructure but failing to deliver the price performance retail investors expected.
Holders who stayed in AVAX through the decline, they pointed out, are in a worse position than those who sold.
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