Binance Traders Bet Big on Uniswap Amid Record Revenue Month
Top traders on Binance have been adding to their long positions in Uniswap (UNI) just as the protocol posts its biggest month of holder revenue ever, according to a social media post from CW. This could be a bullish signal for UNI.
The post shared two charts tracking the long/short ratio among top traders on Binance, both by account count and by position size, showing green (long) bars holding a majority share through most of late September. The long positions held by whales are seen as a sign of upside potential.
Uniswap has also had its best revenue month ever in September, with $15M in UNI buybacks this month alone, according to a post from Nairolf citing data from DefiLlama. This is well above the previous peak in August and could be a sign of strong demand for UNI.
UNI has been climbing steadily inside a rising channel since late August, moving from around $4 to a high near $10 in recent sessions. The 20 EMA sits at $8.2917 and the 50 EMA at $6.7353, both trending upward and well below the current price.