$AVAX holdings are declining as they ease off; for now, follow the cooling structure.

15m price -0.01%, 15m holdings -0.02%; spot volume 46.60M, futures volume 196.49M.

Both price and positions are decreasing, and the short-term participation size is falling.

For the next leg, keep an eye on whether price and positions can stabilize; confirm the short-term move via volume.