Uniswap Price Breaks Above $4.00 as Institutional Buying Fuels Rally

Institutional buying has fueled Uniswap's (UNI) recent breakout above $4.00, sending its price to $4.56.

According to Nazoku, a wallet linked to Cumberland, one of the world's largest OTC crypto trading firms, bought $6.12 million worth of UNI at the resistance level, later transferring it to a wallet linked with Monetalis, an asset management firm.

This institutional buying activity was accompanied by Wintermute's buying activity and transfer of more than $1 million in UNI tokens via major exchanges.

The combination of these factors suggests that multiple institutional investors are building UNI positions at the same resistance level and within the same time window, changing how the breakout should be viewed.