This summary text is fully AI-generated and may therefore contain errors or be incomplete.
The open interest for Avalanche (AVAX) has been steadily increasing over the past month, leading to a rise in the token’s price. In just 24 hours, the open interest grew by over 10 percent, reaching a total of over 10.04 million AVAX. This consistent rise in open interest has resulted in a 170 percent growth from $82.8 million on October 20 to over $224 million on November 20th.Despite the recent increase in open interest, AVAX has experienced a decline in value, losing nearly 4 percent in the last 24 hours. This suggests that investors are currently bearish and there is significant selling pressure on the token. However, institutional investors have shown interest in AVAX, with inflows of around $1.8 million recorded in the past week.Binance is leading in terms of open interest, accounting for nearly half of all open interests with 4.48 million AVAX worth over $100 million. ByBit exchange comes in second place with 2.04 million AVAX worth $46.09 million, followed by BingX with 1.24 million AVAX worth $27.59 million. Bitmex exchange has seen the biggest jump in open interest, increasing by 17.78 percent to reach a total of 55,340 AVAX with $1.53 million.In addition to these developments, the Avalanche community has expanded its blockchain to different markets, including Africa and Hong Kong, with the support of traditional financial institutions such as JPMorgan, Citi FX Solution, and WisdomTree. This expansion has resulted in an 8 percent rise in AVAX price. Investors are optimistic that with these developments, AVAX will continue to rise and potentially reach its all-time high of $144, which was achieved nearly two years ago.