Crypto Whales Bet Big on Three Altcoins Amid Market Decline
Crypto whales have been buying up three altcoins in September, defying the broader market trend. According to BeInCrypto, Uniswap (UNI) is one of the tokens being purchased by these large investors.
The Nansen-labelled crypto whale wallets increased their UNI holdings from 3.2 million to 3.46 million between September 1 and 2, a 257,777-token increase worth approximately $1.62 million. This buying activity coincides with fresh wallets adding $2.91 million in UNI, while exchange balances fell by 351,274 UNI.
Uniswap's usage has been supporting the move, with the protocol handling $2.69 billion in daily volume and $10.7 million in fees. These fees feed into the UNI burn mechanism approved last December, which removes UNI from circulation.
Analysts view this as a bet on three tokens with a built-in buyer, rather than a sign of an altcoin season. The whales themselves were net DEX sellers of $130,256 even as balances grew, indicating that they may be locking in part of the gain.