VanEck's Avalanche (AVAX) ETF debuted on Nasdaq under the ticker VAVX on January 26, 2026, but recorded zero net inflows on its first trading day. Despite waiving sponsor fees on the first $500 million in assets, the ETF's launch was met with cautious investor sentiment, reflecting broader market uncertainty. The fund saw $333,970 in trading volume and total net assets of $2.41 million, but no immediate investor demand. The subdued launch comes as macroeconomic uncertainty and geopolitical tensions have led investors to adopt a risk-off stance, favoring safe-haven assets over crypto-focused products. While Bitcoin and Ethereum ETFs saw significant inflows, the AVAX ETF's reception highlights a selective investor approach in the current market. Analysts suggest that while the ETF's immediate impact is limited, it could become significant as market conditions improve. Meanwhile, Avalanche's on-chain activity has surged, indicating strong user engagement despite the ETF's initial performance.