UNI Holders Bet Against Market with Record-Breaking Withdrawals

Large Uniswap (UNI) holders have been withdrawing tokens from Binance at an unprecedented rate. Analyst Darkfost tracked daily outflows on the exchange and found that the monthly average hit a five-year high of 7,300 UNI per day through the ten largest transactions.

This withdrawal pace accelerated when UNI's price approached $3, according to Darkfost's analysis. Despite this, the token's price has continued to decline, falling by 18% over the past week. This makes it the worst-performing top 100 cryptocurrency.

Meanwhile, exchange balances for UNI have actually increased, rising from about 103 million on August 11 to 110.3 million, a gain of roughly 7%. This is contrary to the wider market's decline in the token's price.

In recent weeks, Standard Chartered raised its long-term view of Uniswap, citing increased burning of UNI tokens and predicting a higher target price. However, this confidence has not been reflected in the market, with UNI trading near $3.3 at press time.