🔴 $180 One million AVAX flows to Coinbase over six months; users are asking, "Why?"

Avalanche is trading around $9.07, down 3.35% in 24 hours, and the price dip is just part of the story. On-chain data showing that $180 million AVAX was sent to Coinbase in the past six months raises uncomfortable questions about who is selling and why.
The figure represents about 1.88% of the circulating supply of AVAX, and a continuous outflow that some analysts say is one of the main reasons the token struggles to gain sustainable upward momentum despite the broader market recovery.
🔸 transfer process totaling $104 million
Concerns grew after reports emerged of a single transfer moving $104 million AVAX to Coinbase at once. Large transfers to exchanges are typically interpreted as a sign of impending sell-off, and making such a transfer in one move immediately drew attention.
One community member directly asked about the transaction, writing: "Did they send $104 million in one go?", questioning the size and what it means for the token's short-term future.
When asked who was behind it, one account replied: "You know who," adding a layer of speculation that the community has been discussing ever since.
Some considered the data as confirmation of a broader problem facing usage tokens in the current cycle.
One community member argued that the period from 2025 to 2026 was worse than 2019 for serious projects, accusing meme coins of attracting attention and capital away from tokens that were building real infrastructure but failed to deliver the price performance individual investors expected.
They pointed out that AVAX holders who stayed through the dip are in worse shape than those who sold.
#AVAX | # Avalanche | $AVAX
{spot}(AVAXUSDT)It is not mentioned enough that on-chain stablecoin supply reaches its all-time high again amid the pessimism
And that the right altcoins are ready to become a black hole for new capital entering and willing to take some risks
As always, asset selection remains key