Avalanche jumps 27% after Bitwise ETF application

Avalanche’s price is surging, while the crypto-market as a whole consolidates following the recent correction. According to CoinGecko statistics, AVAX’s price has surged 7.3% in the daily chartsAVAX’s price seems to be moving in opposition to Bitcoin (BTC), which appears stagnant at $115,000 on the charts. AVAX seems to move in the opposite direction of Bitcoin (BTC), whose price appears to have plateaued at $115,000, according to recent charts. Avalanche (AVAX’s) recent upswing is in line with Bitwise’s. S1 application to the SEC Spot ETF.

Avalanche to Hit New All-Time highs amid Bitwise ETF App?

ETFs played an important role in driving the current crypto cycle. Bitcoin (BTC), which has reached multiple record highs, was approved by the SEC last year. Ethereum (ETH), thanks to ETF flows and corporate treasuries, also reached a new high this year. Avalanche could follow the same pattern if SEC approves its ETF application.

The SEC is likely to approve Bitwise’s Avalanche ATF, as the agency will be led by a crypto-friendly candidate. SEC chair Paul Atkins stated his intention to propel the US cryptocurrency industry. In the months to come, there may be several crypto-based exchange traded funds.

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Avalanche (AVAX’s) rally could have received further support from the announcement of two crypto treasuries raising $1 billion AVAX Tokens can be purchased. Like we mentioned earlier, the corporate treasuries have increased prices for Bitcoin and Ethereum. Avalanche’s (AVAX), if everything goes according to plan, may also follow the same trajectory.

It is possible that Bitwise will also be delayed in its Avalanche application by the SEC, just as it has happened with many other applicants. If the decision is delayed, it could cause online buzz to fade.