Avalanche's AVAX token fell nearly 10% despite Broadridge Financial Solutions integrating its governance platform with Avalanche for on-chain proxy voting. This integration, which began on April 6, saw Galaxy Digital as the first adopter. However, AVAX's decline was attributed to weakening on-chain fundamentals, with Total Value Locked (TVL) dropping to $720 million, its lowest since July 2024.In the derivatives market, bearish sentiment intensified as the Long/Short Ratio fell to 0.89, indicating a dominance of short positions. Open Interest also declined by $37 million, suggesting traders were closing positions. Meanwhile, spot market data showed rising sell pressure, with net inflows reaching $2.26 million and $20.46 million worth of AVAX sold post-announcement. This activity suggests investors used the news as an exit point, maintaining pressure on AVAX despite institutional developments.