Whale Binance silently accumulates UNI tokens during the market downturn.

The native Token of the leading DEX exchange Uniswap, UNI, started the month around 7.50 USD and remained stable during the first two weeks, before falling sharply mid-month causing the price to drop below 6.50 USD. Since then, this asset has been trying to regain momentum, mainly fluctuating in the zone of 6 – 6.8 USD.

Despite a few minor rebounds, UNI has not regained its strength like at the beginning of October, amid the overall quiet activity in the DeFi sector. However, whales on Binance have begun to show renewed interest in UNI.

According to on-chain data from CryptoQuant, the amount of UNI withdrawn from Binance has increased significantly, especially among the top 10 largest transactions – often related to whale wallets.

Source: CryptoQuant## UNI flow on Binance

The transfer of UNI tokens from exchange wallets to external wallets is often seen as an accumulation signal or a strategic restructuring by large investors. The latest data shows that Binance recorded a daily peak of 17,400 UNI being withdrawn by whales, while the monthly peak is 5,250 UNI – the highest in the last three months.

These moves attract attention because whales often act with strong conviction and only participate when they detect clear technical or fundamental signals. The increase in activity around UNI indicates that a group of large investors is silently preparing for the potential recovery of this token, following a correction phase that began in July.

Although UNI has not yet risen significantly, the increasing presence of whales indicates that market sentiment may be shifting. The increase in large trading volumes signals that new capital is gradually forming within the Uniswap ecosystem.

Concerns about governance

The Chief Investment Officer of Bitwise, Matt Hougan, once stated that Uniswap is undervalued when its market capitalization is around 6 billion USD. He believes that if it were a traditional company, Uniswap would be in the top 400 largest financial institutions globally. However, the market cap of UNI has fallen sharply since then, currently only around 4.13 billion USD.

A study published on the arXiv platform earlier this year also questioned the actual level of decentralization of Uniswap. The report shows signs of centralization in the way the token network and liquidity pools are structured, as the majority of the total value locked (TVL) is concentrated in a few main tokens and pools – indicating an uneven distribution of influence within the system.

This aligns with new data from Token Terminal, indicating that Uniswap has created around 340 “millionaires” thanks to the governance token UNI. Out of approximately 381,600 wallets holding UNI, this small group owns a portfolio worth over 1 million USD per wallet.

Thach Sanh