- Uniswap’s recent $60M UNI transfer to Coinbase Prime has triggered a sharp sell-off, shaking investor confidence.
- Despite the bearish sentiment, a $66M rise in Total Value Locked suggests underlying protocol strength.
Uniswap’s recent large-scale UNI transfers have rattled the market, casting a shadow over investor confidence and triggering a wave of sell-offs. On-chain data reveals that wallets linked to the Uniswap team moved a total of 9 million UNI—worth approximately $47.5 million—into Coinbase Prime, a platform known for institutional over-the-counter (OTC) trading.
In total, $60.99 million in UNI has been funneled into Coinbase Prime over just six days, suggesting a coordinated strategy to attract institutional interest. However, this move failed to reassure retail and large-volume traders, who interpreted it as a red flag rather than a bullish signal.
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The result? A continued price decline. The UNI token fell by 2.7% in the last 24 hours alone, extending its downtrend. Data from IntoTheBlock indicates that major holders have offloaded 515,740 UNI (valued at $2.74 million), while spot market traders liquidated nearly $15 million over the past week. This persistent selling pressure has intensified negative sentiment, painting a bleak near-term outlook for UNI.
Still, it’s not all bad news. On the protocol level, Uniswap’s Total Value Locked (TVL) has surged by $66 million since April 26, reaching $4.009 billion. This metric reflects growing confidence in the platform’s underlying infrastructure—even if the token itself is underperforming.
Market watchers now turn to liquidation heat maps, which show UNI hovering at a critical support level. A downward dip could paradoxically build momentum for a rebound, while an upward move may stall due to existing resistance zones.
In conclusion, Uniswap’s fund transfers have stoked uncertainty rather than optimism, pushing UNI into a volatile phase. While investor sentiment is currently bearish, rising TVL offers a glimmer of hope. The next few trading sessions could prove pivotal in determining whether UNI can regain its footing—or slide further.