According to on-chain data analytics firm Lookonchain, a major whale recently deposited approximately 850,000 Uniswap tokens (UNI) worth around $3.76 million to Binance via Wintermute. Further information showed this same entity had acquired roughly 5.44 million UNI totaling about $24 million in value.
After the transactions, the whale now holds an estimated 1.59 million UNI worth around $7 million. This week also saw additional movement, with UNI tokens transferred between blockchains by FTX, totaling an approximate $1.8 million.
Analyzing Uniswap currency flow on Santiment revealed a significant spike in inflow on September 5, hitting about 64,000 UNI – the highest volume into exchanges in nearly two months. Outflow simultaneously remained relatively low.
While not definitive, this potentially indicates more UNI entering than leaving exchanges, with more tokens being sold versus held in custody. Around the same time, UNI price traded down over 3%, interrupting its upside move.
The data shows unusual whale activity and market technicals that could influence UNI price action. However, the ultimate impact remains to be seen as the market absorbs and reacts to these developments.
Large Whale Transactions in Uniswap Token UNI Raise Questions
According to blockchain data firm Lookonchain, a major Uniswap (UNI) whale recently deposited around 850,000 tokens worth approximately $3.76 million to Binance through Wintermute. It appears the same entity had previously acquired 5.44 million UNI totaling around $24 million.
Following the transactions, this whale now holds an estimated 1.59 million UNI valued at roughly $7 million. Separately this week, UNI tokens were also transferred between blockchains by FTX, totaling about $1.8 million.
On-chain analytics provider Santiment recorded a significant UNI inflow spike on September 5, reaching around 64,000 tokens – the highest volume into exchanges in months. Outflow remained comparatively low.
While the ultimate impact is hard to predict, this activity suggests more UNI entering than leaving exchanges as tokens are potentially sold rather than held. How markets absorb these large transactions and their technical footprint will be important to monitor.
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