I am so done with $AVAX

What are they even doing?
The Avalanche Foundation sold $AVAX to insiders at a 23% discount.
Insiders IPO'd the vehicle on Nasdaq.
$AVAT crashed 38% on day one 😄
This is not a coincidence.
> $AVAT was built with Ava Labs fingerprints all over it.
> Emin Gun Sirer is a personal investor.
> His own Chief Business Officer sits on the AVAT board.
> Dragonfly, Pantera, Galaxy, and VanEck are all in.
> The Avalanche Foundation cut an exclusive deal giving AVAT discounted tokens at a 23% markdown plus 18 months of priority access to future Foundation sales.
>The most connected AVAX vehicle ever assembled went public and got sold into the ground before the closing bell.
👉 Meanwhile the Foundation has been running quarterly unlocks the entire time
> Roughly 1.67M AVAX per event, dripping supply onto the market while $AVAX trades at 5-year lows.
Team tokens have been fully liquid for years.
> On-chain, DeFi TVL sits at $468M, which is under 5% of the $10B+ peak from 2021.
> Activity ticked up in early 2026 with some DAU records, but none of it has moved the token or attracted capital back in.
> Usage without price is dangerous place to be.
👉 Now a lot of you will call out for being bearish, I know that there is a Bull Case here as well.
> The bull case is that $1B of institutional buying pressure has not even hit yet.
> The bear case is that insiders structured a discounted exit, dressed it in treasury narrative, listed it publicly, and the public said no on day one.
> Both cases are on the table.
But only one of them happened in real time, in front of everyone, with price discovery so I will choose the second one for now.