VanEck, a global investment firm, has registered the VanEck Avalanche ETF in Delaware amid a major market sell-off, with AVAX currently down 55% since the beginning of the year. This registration follows VanEck’s previous successful ETF filings for Bitcoin, Ether, and Solana.

AVAX, now the 20th largest cryptocurrency, boasts a market capitalization of approximately 7 billion USD. VanEck’s efforts to enter the growing crypto ETF space reflect an increasing demand for innovative investment products despite the challenging market conditions.