• DeFi token Avalanche gains 5% early on Monday, large wallet holder QCP Capital pulls AVAX from exchange wallets. 
• Avalanche has over $230 million in value bridged from the second largest cryptocurrency chain, Ether. 
• Daily transactions cross 1.23 million, 21% of AVAX holders are profitable at the current price level. 
• Avalanche trades at $28.75, likely to extend gains further as sentiment is bullish among traders. 

DeFi token Avalanche (AVAX) trades at $28.75, as Bitcoin sustains close to $69,000 early on Monday. Data from crypto intelligence tracker IntoTheBlock shows that the sentiment among traders is positive. AVAX extends gains by nearly 5% on the day as the DeFi token shows bullish potential. 

Avalanche on-chain metrics signal bullish potential 

On-chain data from IntoTheBlock shows the sentiment among traders is “bullish” as of Monday. Global In/Out of the Money (GIOM) metric is used to track the profitability of wallet addresses holding the asset at a given price. At $28.77, 21.74% of the wallet addresses holding Avalanche are profitable.