Ethereum blockchain transaction records confirm the transfer of 160 ETH (about $480,000) to the "Poly Network Exploiter 2" wallet address.
Support at $42K-$44K could stabilize the pullback.
"We still have support at $44,000 and $42,000, which is the line in the sand for short-term momentum," one investment officer said.
Bitcoin and other cryptocurrencies are consolidating near recent highs.
AVAX's price has more than doubled in the past month, according to data from Messari.
The cryptocurrency is down 3% in the last 24 hours.
Crypto adoption has increased 23-fold globally over the past year with India, Pakistan and Ukraine driving the surge.
Traders appear bullish after the viral app chose Audius to power its new “TikTok Sounds” library.
BTC is trading around the 200-day moving average and will need to break out of a short-term range to resume the uptrend.
Low levels of daily trading volume persist as bitcoin struggles to edge higher while short positions build.
Analysts expect traders to take a breather after the crypto's recent rally.
"Crypto natives have proven to be very resilient," one analyst said.
The outflow was partly because of low investor participation due to seasonal effects, also seen in other asset classes.
Bitcoin's uptrend is improving despite brief pullbacks.
Bitcoin is joined by ether and cardano, which have surged 11% and 53% in the last seven days respectively.