VanEck Registers Avalanche ETF Amid Crypto Market Downturn

VanEck, a prominent investment manager, has registered an Avalanche exchange-traded fund (ETF) in the U.S. state of Delaware. This move comes as part of a broader trend of investment managers applying for various altcoin-based products, despite the recent downturn in the cryptocurrency market.

The "VanEck Avalanche ETF" was registered on March 10, as indicated by a filing on Delaware's Department of State website. This registration is notable as it marks the fourth crypto asset for which VanEck has filed an ETF, following its previous filings for a spot Solana fund in June of last year. VanEck was also among the first issuers of bitcoin (BTC) and ether (ETH) ETFs after their approvals in January and July, respectively.

The registration of the Avalanche ETF by VanEck occurs amidst an ongoing sell-off in the crypto market, which has seen Avalanche's native token (AVAX) drop to a one-year low of $16.27. This development suggests that investment managers are increasingly diversifying their offerings across the altcoin market to capitalize on new opportunities.

Other investment managers, such as Rex Shares and Osprey Fund, have also filed to list new altcoin funds. This trend indicates a growing institutional interest in the altcoin space, despite the recent market volatility. The registration of the Avalanche ETF by VanEck is a significant step towards mainstream adoption of the Avalanche ecosystem and could potentially spark renewed interest and investment in the altcoin.