Binance Whales Are Quietly Buying Up Uniswap’s UNI Token Amidst Market Weakness

Uniswap’s native token, UNI, kicked off the month trading near $7.50 and held steady for the first couple of weeks before a sharp mid-month drop sent it below $6.50. Since then, the asset has been trying to regain its footing, mainly hovering between $6 and $6.8. Despite a few small rebounds, it hasn’t yet recovered its early-October ￰0￱ comes in the backdrop of weeks of subdued activity across the DeFi ￰1￱ whales on Binance are showing renewed interest in UNI. On-chain data shared by CryptoQuant indicates a significant uptick in UNI outflows from Binance, particularly among the top 10 largest transactions, which are typically linked to whale ￰2￱ Moves on Binance This pattern of UNI tokens being moved from exchange wallets to external addresses can be interpreted as a signal of accumulation or strategic repositioning by large ￰3￱ to recent data, Binance recorded a daily peak of 17,400 UNI in whale outflows, while the monthly peak was 5,250 ￰4￱ is the highest level seen in three ￰5￱ movements are drawing attention, as whales are known for acting with strong conviction and typically enter positions only when they identify clear technical or fundamental ￰6￱ growing activity around UNI comes as the token continues to recover from the market correction that began in ￰7￱ hasn’t quite bounced back yet, but the growing presence of whales hints that sentiment might be ￰8￱ uptick in big transactions shows that major players could be quietly positioning themselves for a potential comeback, and means that fresh momentum might be building within the Uniswap ￰9￱ Concerns Bitwise CIO Matt Hougan had said that Uniswap is undervalued when its market cap was hovering at a little over $6 ￰10￱ exec had argued that if it were a traditional company, it would rank around the 400th largest in global financial ￰11￱ market cap has suffered a significant decline since then and is currently at $4.13 ￰12￱ instance, a paper published on the research platform arXiv earlier this year raised concerns about how decentralized Uniswap really ￰13￱ study found signs of centralization in how its token network and liquidity pools are ￰14￱ particular, much of the total value locked (TVL) is concentrated among a few key tokens and pools, which indicates an uneven distribution of influence within the ￰15￱ aligns with more recent findings by Token Terminal, which found that Uniswap has created around 340 millionaires through its UNI governance ￰16￱ of roughly 381,600 UNI holders, this small group holds wallets worth over $1 million each.