Cumberland Wallet Sells $8.7M in UNI, Threatening $3 Floor

Uniswap's UNI token has faced intense bearish pressure over the past two weeks, leading to a decline in trading volume by 42% to $154 million.

A Cumberland-linked wallet was at the center of this selling activity, transferring 2.5 million UNI worth $8.73 million to exchanges.

The wallet moved 1 million UNI worth $3.48 million to Binance and deposited 1.5 million UNI worth $5.25 million into Bybit through three separate transactions.

Another long-term holder sold 9.29 million UNI worth $33.46 million, further increasing the potential sell-side supply in an already weak market.

The Uniswap Exchange Supply Ratio rose for three consecutive days, reaching a monthly high of 0.105, indicating that a larger share of UNI's supply sat on exchanges.