Over $35 million flowed out of exchanges over the past week, indicating a growing tendency to hold tokens on-chain. As funds continue to shift to private wallets, the number of tokens available for trading on exchanges has further shrunk, and market attention has returned to the resistance level of $10.45.
Whale withdrawals drive outflows
On-chain data shows that a whale wallet marked 0x5D2 withdrew nearly $2.2 million worth of AVAX from Coinbase, and then transferred 12,820 and 2,560 AVAX to two separate personal wallets.
The article notes that the spot AVAX ETF did not record any inflows during the statistical period, but retail buying remained active. This suggests that institutional funds are cautious, while small and medium-sized investors are still absorbing exchange-traded sell orders, leading to a continued decline in market liquidity.
Prices remain capped at $10.45.
In terms of price action, AVAX remains within a wide consolidation range between the $8.21 support level and the $10.45 resistance level. After several price pullbacks in February and March, buyers held firm on the lower edge of the range.
On the daily chart, AVAX is currently relatively stable around $9.15, but has consistently failed to break above $10.45, thus limiting the sustainability of the rebound. The Relative Strength Index (RSI) is at 44.82, still below the neutral line of 50, indicating weak bullish momentum.
If subsequent buying strengthens and the price breaks above the upper limit of the range again, it may further test higher resistance near $12.34. If a breakout fails to materialize, the current sideways consolidation is more likely to continue.
Leveraged positions declined in tandem.
In the derivatives market, AVAX open interest fell 7.27% to approximately $358.79 million. This data reflects that some leveraged traders were actively reducing their positions during the period of sideways price movement.
The liquidation heatmap shows that a significant number of short liquidation positions are concentrated in the $9.30 to $9.50 range, with the highest concentration of liquidity near $9.50. Meanwhile, liquidity is also accumulating around $9.00, indicating that once the price breaks out of the current consolidation range, volatility could increase significantly.
