$AVAX has plunged from $10.29 to $9.32, down 6.8% in 24 hours, with trading volume surging to $176M. At first glance, it looks like just another ordinary red candle, but I noticed a signal others are overlooking: the number of AVAX deposits to exchanges suddenly tripled over the past 6 hours, while the median deposit size actually shrank. This isn’t whales dumping—it’s retail traders and small- to mid-sized holders panic-moving their funds. Large deposits have barely increased, which suggests the major holders haven’t budged. More interestingly, the amount of AVAX unlocked from on-chain staking has quietly climbed to a near three-week high over the past 48 hours, but less than 15% of the unlocked tokens have gone to exchanges. Most went straight into new staking contracts. What does that mean? Some people are using this dip to reposition, shake out short-term holders, and lock up their long-term holdings even more tightly. Given the $176M in trading volume and the cluster of buy orders near the $9.32 low, I suspect this drop is a liquidity hunt, not a trend reversal. If AVAX can hold above $9.40 over the next 24 hours and exchange net flows turn negative, there’s a good chance of a quick bounce back above $10. But if $9.32 breaks on heavy volume, be wary: those on-chain addresses “repositioning” may actually know about bad news in advance. Let’s see how it plays out. What do you think?