Uniswap whales massively withdraw UNI from Binance at a 5-year low

While the Uniswap token (UNI) drops below $2.50 for the first time in five years, outflows from large holders on Binance have reached a level not seen since 2021. This is according to an analysis of the ten largest daily withdrawal transactions on the platform.

Uniswap is available at OKX and Bybit.

In brief:

• The monthly average outflow of the top 10 largest UNI transactions on Binance reaches a five-year high.
• UNI trades more than 90% below its all-time high of around $45 from 2021.
• On some days, more than 10,000 UNI leave the platform via the ten largest transactions alone.

UNI far removed from past highs

UNI is among the altcoins that fail to set a new record in the current market cycle. The token of the Uniswap protocol currently trades more than 90% below its all-time high of approximately $45, reached in 2021. With a price below $2.50, UNI is at its lowest level in five years.

Ethereum currently stands at $1.856,31, a slight increase of 0.5% over the past 24 hours. Uniswap runs on the Ethereum network, and the performance of both tokens is therefore closely linked.

Whales move UNI off Binance en masse

Despite the sharp price decline, CryptoQuant data shows a striking pattern. The monthly average outflow of the ten largest daily UNI transactions on Binance is rising to a historic level. On average, more than 7,200 UNI leave the platform daily through these large transactions, and that number is increasing further.

On individual days, these outflows are considerably higher. Sometimes more than 10,000 UNI leave the exchange through the ten largest daily transactions alone. Also striking is the timing pattern: every time the price drops, outflows increase. This suggests that large players are seizing the dip to buy more.

Accumulation at every price dip

When tokens leave an exchange and move to private wallets, this typically indicates accumulation. Holders who expect the price to recover over time prefer to keep their tokens off the platform. The pattern now emerging with UNI, where outflows rise with every dip, fits that picture.

Whether that expectation materialises is uncertain. UNI is struggling in this cycle, but a group of large investors nevertheless seems to be betting that the tide will turn for the Uniswap protocol. Whether that confidence is justified will have to be shown by price developments in the coming months.