A significant transfer was observed today from a Uniswap-related wallet, which moved 2.359 million UNI tokens, worth approximately $20.2 million, to Coinbase Prime.
This transaction has garnered attention, particularly given the current market conditions.
Out of the transferred amount, 2.338 million UNI, valued at about $19.9 million, has been absorbed by 12 different wallets.
This suggests a likely distribution or an over-the-counter (OTC) deal, implying that this movement should not directly impact the UNI spot price. Such transactions are often conducted away from the public market to prevent price fluctuations.
Following this transfer, there are still 6.64 million UNI tokens, roughly $55.2 million, remaining in the team, investor, and advisor wallet. This substantial reserve indicates that the project’s stakeholders still hold a significant amount of the token, potentially influencing future market dynamics.
5 hours ago, a @Uniswap-related wallet transferred 2.359M $UNI (~$20.2M) to #Coinbase Prime.
Notably:
• 2.338M $UNI (~$19.9M) has been absorbed by 12 wallets (pic 👇). This is most likely a distribution or an OTC deal, and thus, should not affect the $UNI spot price.•… pic.twitter.com/tJJeoIvB4t
— Spot On Chain (@spotonchain) July 4, 2024
UniSwap UNI Token Price Action To MonitorÂ
Despite these internal movements, UNI has experienced a 7% decline today, falling below the $8 mark and currently trading at $7.99. This drop reflects broader market trends affecting many cryptocurrencies. The transfer to Coinbase Prime and the subsequent distribution suggest strategic positioning by large holders, possibly in anticipation of future market developments.
Investors and market watchers will be keen to see how these tokens are utilized by the new wallet holders and whether this will have any longer-term impact on UNI’s market performance. For now, the market remains cautious, with UNI’s recent price drop mirroring the overall bearish sentiment across the crypto sector.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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