Key Takeaways:
- AVAX whales withdrew over $35 million from exchanges on May 27
- Traders defended the $8.21 support zone against selling pressure
- A sustained move above $10.45 depends on continued buying momentum
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AVAX whales withdraw $35M from exchanges as traders defend $8.21 support
AVAX whales withdrew over $35 million from exchanges on May 27 as traders defended the $8.21 support zone, on-chain data shows.
"Large holders moving tokens off exchanges reduces available supply and typically signals accumulation," said Jason Wu, on-chain analyst at Edgen. "The $8.21 level has held through multiple tests, suggesting strong buying interest at these prices."
The $35 million in outflows represents one of the largest single-day exchange withdrawals for AVAX this month, reducing the token's exchange balance to its lowest level in three weeks. The move comes as broader crypto markets saw mixed action, with Bitcoin trading at $75,900 and Ethereum at $2,090 as of the US afternoon session.
The $8.21 support zone has been defended by traders since mid-May, with on-chain data showing elevated accumulation addresses in that range. If buying momentum sustains, a recovery toward $10.45 — roughly 25 percent above current levels — becomes viable. A break below $8.21, however, would expose the next support at $7.50, a level not tested since April.
The whale withdrawal pattern mirrors similar accumulation phases seen ahead of previous AVAX rallies. Exchange outflows of this magnitude reduce immediate sell pressure, creating a supply squeeze that can amplify upward moves if demand holds steady. The key question is whether broader macro headwinds — including a 2 percent decline in Bitcoin on the day — will cap any recovery attempt.
This article is for informational purposes only and does not constitute investment advice.
