VanEck has registered an Avalanche exchange-traded fund (ETF) in the U.S. state of Delaware as investment manager continue to apply for various altcoin-based product despite the clawback in the crypto market.

The New York-headquartered company registered the “VanEck Avalanche ETF” on March 10, according to a filing on Delaware’s Department of State website.

The registration comes amid an ongoing sell-off in the crypto market, which has seen Avalanche’s native token (AVAX) fall to a one-year low of $16.27.

Avalanche becomes the fourth crypto asset VanEck has registered an ETF for, following its filing for a spot Solana fund last June. VanEck was among the first issuers of bitcoin (BTC) and ether(ETH) ETFs after they were approved in January and July respectively.

Issuers are seemingly branching out across the altcoin market to develop new ETFs. Investment managers Rex Shares and Osprey Fund filed to list a MOVE fund on Monday.

The price of Bitcoin crashed below $80,000 on Monday morning as financial markets reacted to ongoing concerns over inflation and a possible U.S. recession, fueled by President Trump’s comments over the weekend.

Asked by Fox News in a Sunday interview about whether he expects a recession this year, Trump declined to rule it out.

“I hate to predict things like that,” he replied, adding that there will be a “period of transition” as the economy digests his sizable tariffs on neighbors Canada and Mexico, as well as China. Trump’s moves around tariffs, including delays and shifts in the scale of them, have rocked markets for weeks.

Bitcoin dove as low as $79,553 on Monday morning, rebounding slightly to $79,785 as of this writing. The leading cryptocurrency is currently down almost 5% on the day, falling 14% on the week amid volatility fueled not only by tariff moves but also speculation over Trump’s strategic Bitcoin reserve plans.

Ethereum is also down 5% to a current price of $2,013 after coming within a dollar of the $2,000 mark late Sunday. ETH hasn’t been below $2,000 since November 2023.

Other major coins have posted much sharper losses over the last 24 hours, with Cardano (ADA) falling 10% to $0.69, Solana (SOL) down 9% to $121, and Dogecoin (DOGE) diving 8% to $0.166.

Stock markets are similarly showing losses so far Monday, with the Nasdaq plunging by more than 3% and the S&P 500 down 1.8%. Traders are pulling back ahead of crucial economic reports expected later this week—including the latest Producer Price Index (PPI) and Consumer Price Index (CPI) updates—that will indicate whether inflation is being kept under control.

Treasury Secretary Howard Lutnick insists the U.S. economy is on solid footing despite concerns from Wall Street that a recession is in the cards.

“Absolutely not,” he said on a Sunday edition of Meet the Press when asked if Americans should prepare for a downturn.

“There’s going to be no recession in America,” he continued. “It’s like the same people who thought Donald Trump wasn’t a winner a year ago. Donald Trump is a winner. He’s going to win for the American people.”

A recession is two consecutive quarters of economic contraction, caused by imbalances from external or internal factors, or combination of both.

This argument contradicts comments made by the President earlier, who didn’t rule out a recession, calling it part of a transition.

Lutnick argued that Trump’s tariff strategy will force other countries to lower their trade barriers, unleashing American growth and driving $1.3 trillion in new investment.

“We’re going to unleash America out to the world,” he said in response to warnings from JPMorgan and Goldman Sachs about a tariff-induced recession. “You are going to see over the next two years the greatest set of growth coming from America.”

While Lutnick acknowledged that tariffs could make foreign goods more expensive, he framed them as part of a broader effort to cut the deficit and lower borrowing costs.

“When you balance the budget… you drive interest rates down 150 basis points. Mortgages come smashing down. The cost of your home will come smashing down,” he said.

Crypto traders, however, don’t seem to have the same optimism.

Bitcoin (BTC) fell 7% on Sunday, dropping to $80,000 and nearing its 2025 low of $78,000.

Ether (ETH), Solana (SOL), and XRP (XRP) followed, while meme coins like Dogecoin (DOGE) and Cardano (ADA) tumbled nearly 12%.

On Polymarket, bettors are increasingly bracing for a slowdown, although the chances of one occurring remain slim.

A contract asking about the probability of a U.S. recession in 2025 has seen the Yes odds jump to 41%, a 16% increase in recent weeks.

Meanwhile, the latest U.S. jobs report showed 151,000 jobs added in February, CoinDesk recently reported, roughly in line with expectations, although the unemployment rate ticked up to 4.1% and January’s job gains were revised lower.

However, layoffs in the public sector as part of the White House’s DOGE efforts may push these numbers up next quarter.

While labor market resilience has kept recession calls at bay, signs of slowing growth are emerging, with the Atlanta Fed’s GDPNow model forecasting a negative 2.8% Q1 growth rate.

However, another contract gives just 3% chance of a recession happening before May. The first quarter ends March 31.