A Uniswap whale moved tokens worth $3.76 million.
UNI exchange inflow spiked as the price lost over 3% in value.

As per 5 September post by Lookonchain, a prominent whale recently deposited 850,000 Uniswap [UNI] tokens into Binance [BNB] via Wintermute. The total value of this token deposit amounted to approximately $3.76 million.

A whale deposited 850K $UNI ($3.76M) into #Binance via Wintermute Trading an hour ago.

The whale received 5.44M $UNI($24M) from Uniswap Team/Investor/Advisor Allocation Wallet and currently has 1.59M $UNI($7M) left.https://t.co/9wDtF6bJMS pic.twitter.com/qq6CCFf77i

— Lookonchain (@lookonchain) September 5, 2023

Is your portfolio green? Check out the UNI Profit Calculator

Subsequent information revealed that this same whale received 5.44 million UNI tokens at a combined value of approximately $24 million. Following this latest transaction, the whale was left with 1.59 million UNI tokens, equivalent to roughly $7 million.

However, this isn’t the only eyebrow-raising Uniswap transaction observed this week. According to a recent report, UNI tokens were among the assets transferred by the now-defunct FTX from one blockchain to another, with the total value of the UNI tokens transferred estimated at approximately $1.8 million.

Impact of Uniswap’s transfer on exchange flow

An examination of the Uniswap exchange flow data on Santiment revealed a notable surge in exchange inflow. Specifically, on 5 September, there was a substantial uptick in inflow, reaching approximately 64,000 UNI tokens.

This spike represented the highest volume of UNI tokens flowing into exchanges in nearly two months and ranked second-highest since April.

Source: Santiment

In contrast, the analysis of the outflow data indicated relatively lower activity. As of this writing, the UNI outflow stood at approximately 314 tokens.

This suggested that more UNI tokens were entering exchanges than leaving them, implying a higher volume of tokens sold and fewer held in custody.

UNI moving towards oversold territory

A review of Uniswap’s daily timeframe chart revealed a correlation between the spike in exchange inflow and its price trend. As of this writing, UNI was trading at approximately $4.3, indicating a more than 3% price decline.

How much are 1,10,100 UNIs worth today?

This decline has halted the series of consecutive days of price increases that UNI had been experiencing.

This price drop of over 3% has impacted UNI’s Relative Strength Index (RSI). Previously, the price uptrend was gradually pushing the token away from the oversold zone, but as of this writing, it was moving back in that direction.

The post Uniswap whale moves UNI worth $3 million: How did prices react? appeared first on Crypto News Australia.

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Filed under: Bitcoin - @ September 5, 2023 3:11 pm