UNI Bulls Unfazed by Correction, Binance Whales Keep Accumulating

Uniswap's native token, UNI, has seen large investors accumulate during its recent price correction. According to CryptoQuant analyst Darkfost, Binance recorded its highest level of major UNI withdrawals in five years. The monthly average of the top-10 largest withdrawal transactions surpassed 7,200 UNI.

Darkfost noted that this trend suggests that large investors are using market dips as opportunities to accumulate. Despite UNI's sharp decline from $4.577 just five days ago, the token remains up 21.7% over the past month and 52% over the past two months.

UNI is still trading more than 90% below its 2021 all-time high of around $45. The token dropped to $2.316 on June 6, marking its lowest level in roughly five years, but has since recovered to $3.84 at the time of writing.