Uniswap (UNI) declined 9.13% to trade around $9.10 at press time, falling below the $10 level after broader crypto market weakness intensified downside pressure. The altcoin reached a low of $9.02 during the session.
Spot trading volume for UNI surged 45% over the same period, reflecting increased selling activity as investors reduced exposure to the token.
Major Token Transfer to Market Maker
According to Nazoku, an early Uniswap investor transferred $12.93 million worth of UNI to Wintermute, a cryptocurrency market maker. The tokens were originally received from Uniswap's investor contract five years ago.
The transfer sparked speculation about potential over-the-counter sales, as Wintermute commonly executes sales on behalf of its clients. As of the report, the transferred tokens remained unsold.
Liquidations and Exchange Outflows
As UNI approached the $9 support level, liquidations accelerated. CoinGlass data showed $2.89 million in long positions were liquidated, intensifying downside pressure in the market.
Outflows from exchanges exceeded inflows significantly, with $385 million in outflows compared to $321 million in inflows over 24 hours. The Futures Netflow declined 264% to -$63.8 million, indicating traders exited positions.
Spot market data from CryptoQuant showed strong selling activity, with exchange inflows reaching 660,000 UNI and total inflows surging to 1.6 million UNI.
Technical Indicators Signal Weakness
UNI's Relative Strength Index fell to 61 and made a bearish crossover, confirming intense selling pressure observed across derivatives and spot markets. Historically, such selling activity on both market segments has preceded extended downside moves.
