Uniswap Soars to Eight-Month High on Whales and Institutional Buying

Uniswap's price surged to an eight-month high of $6.37 after gaining 11.35% in the past 24 hours.

The rally is largely driven by strong activity from whales and institutional entities, with top tracked wallets moving nearly $45 million in UNI into active market circulation.

According to Professor Onchain, the move above $6 was fueled by heavy institutional inventory positioning, with Wintermute absorbing 2.03 million UNI worth $11.07 million into its primary market maker wallet.

However, two metrics warn of a potential pullback: Spot Netflow has remained positive for two consecutive days, indicating that more UNI entered exchanges than left them, and the Relative Vigor Index (RVGI) formed a bullish crossover, hiking to $0.3.