$AVAX has climbed above 10.85, up 3.61% over the past 24 hours. To be honest, that’s not a staggering gain given the broader environment this year—but you have to look at the context in which it happened. I took a look at the US stock market today, and one figure really stood out: strip out all the AI-related stocks, and US equities have actually underperformed Europe this year. Think about what that means: global capital is now extremely concentrated. Outside the AI trade, most sectors are basically just along for the ride. What about crypto? It has a similar feel right now. Liquidity is flowing almost entirely into Bitcoin and a few leading layer-1 chains. For AVAX to gain 3.61% in this kind of zero-sum market, with trading volume reaching $139 million, I’d say there’s some serious money at work. It ranged from a low of 10.19 to a high of 11.01—an intraday swing of around 8%, which is pretty significant. What does that tell us? Bulls and bears are fighting hard at this level: some are willing to buy around $10, while others want to sell near $11. These tug-of-wars usually don’t last long. Either volume picks up and price breaks above $11, or it pulls back to test support at $10. I’m leaning toward the former, because the trading volume speaks for itself—$139 million isn’t something retail traders can generate on their own. Here’s another interesting comparison. I saw a piece today calculating how much $1,000 invested in the four dividend stocks Warren Buffett bought early on would be worth now. People dig that story up and recycle it every year. But think about it: Buffett’s approach simply doesn’t apply to crypto. There are no dividends or cash flows in crypto; your profit comes from someone else being willing to pay more for your coins. So don’t try to apply value-investing logic to AVAX. Its value lies in its subnet narrative and its gaming ecosystem. Whether those can take off is what will determine whether it can climb from $10 back to $30 or even higher. One more thing I’ve noticed: energy ETFs are also diverging, with oil and gas infrastructure and solar heading in completely opposite directions. It’s really the same story as crypto: capital is becoming more extreme in its sector choices, either going for the safest option or the one with the greatest upside potential. The things stuck somewhere in the middle are having the hardest time.