UNI Price Rally Fueled by Exchange Deposits, Not Withdrawals

The price of UNI tokens rose by 30% between September 17 and 22. During this time, an increase in the amount held on exchanges was also recorded.

According to Santiment, 6.3 million additional UNI tokens were deposited onto exchanges over six days. At the closing price on September 23, this increase was worth around $58 million.

The data suggests that instead of being withdrawn from exchanges, UNI tokens were brought onto them during the rally. This has raised questions about whether the price increase was driven by accumulation through tokens being withdrawn from exchanges.