- With open interest for Avalanche (AVAX) on the rise for the last month, the price of the token has strung along.
- Open interest in the altcoin has grown 170 percent rising from $82.8 million on October 20 to $224 million on November 20th.
The latest data shows a drastic rise in Avalanche (AVAX) open interest beginning last month. Data from Coinglass revealed an over 10 percent rise in the open interest in a 24-hour period, bringing the total open interest above 10.04 million AVAX. The open interest has been on a consistent rise for the past month, growing by around 170 percent from $82.8 million on October 20 to over $224 million on November 20th.
The last time that the open interest was over $200 million was in May 2022. At the time, AVAX was trading above $50. Exchanging for $21 at the time of press, the altcoin has lost more than half its value. With the open interest reaching record highs, this has raised optimism among AVAX holders that the token could rally to break its midterm resistance of $30.
In the last 24 hours, AVAX has lost nearly 4 percent of its value with trading volumes rising by more than 25 percent. This suggests that investors are fairly bearish and the token is undergoing considerable selling pressure. However, the weekly report by CoinShares shows that AVAX is winning favor among institutional investors after recording inflows of around $1.8 million in the past week.
Related: Solana (SOL), Ethereum (ETH) and Bitcoin (BTC) Lead in the 8th Consecutive Week of Institutional Inflows – Report
In-depth data shows that Binance leads with open interest at 4.48 million AVAX worth a little over $100 million. This is nearly half of all open interests. In second place is ByBit exchange which accounts for 2.04 million AVAX worth $46.09 million. In third place is BingX with 1.24 million AVAX worth $27.59. interestingly, it is the Bitmex exchange that accounts for the biggest jump in the last large jump. Open interest jumped on the exchange by 17.78 percent to bring the total to 55,340 AVAX with $1.53 million.
In a related development, the Avalanche community has recently celebrated its blockchain expansion to different markets including Africa, and Hong Kong with the help of traditional financial institutions including JPMorgan, Citi FX Solution, and WisdomTree. This triggered an 8 percent rise at the time. Investors remain optimistic that with such developments, AVAX will continue on an upward trajectory and will in the next bull market revisit its all-time high of $144 reached nearly two years ago.
Read More: AVAX Price Soars 8%: Avalanche’s Game-Changing Partnership with Republic
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