The Layer 1 (L1) cryptocurrency AVAX is another asset that cryptocurrency whales are holding to profit in June. This is reflected in the 474% increase in the net flow of large AVAX holders in the last seven days.
Large holders are whale addresses that own more than 0.1% of the circulating supply of an asset. Their net flow tracks the difference between the tokens they buy and the amount they sell during a specific period.
When the net flow of large holders of an asset increases, more of their tokens are flowing into the wallets of these large investors than are leaving. This trend indicates that AVAX whales are accumulating the asset, signaling confidence in its future value.
AVAX could experience a rally and rise to $24.28 if whale accumulation continues.
On the other hand, the price of the altcoin could extend its decline to $14.66 if whales begin to sell to take profits.
