Binance Whales Quietly Buy Uniswap’s UNI Token Amid Market Weakness

UNI whale outflows from Binance hit a three-month high.

Uniswap’s native token, UNI, started the month near $7.50 and remained stable for the first two weeks before a sharp mid-month drop pushed it below $6.50. Since then, the asset has tried to regain its footing, oscillating mainly between $6 and $6.8.

Despite some small rebounds, it has not yet regained its vigor at the beginning of October. This comes against the backdrop of weeks of subdued activity in the DeFi sector. But whales on Binance are showing renewed interest in UNI.

On-chain data shared by CryptoQuant indicates a significant increase in UNI outflows from Binance, especially among the top 10 largest transactions, which are typically linked to whale wallets.

UNI launches on Binance

This trend of moving UNI tokens from exchange wallets to external addresses can be interpreted as a signal of accumulation or strategic repositioning on the part of large investors. According to recent data, Binance recorded a daily peak of 17,400 UNI in whale outflows, while the monthly peak was 5,250 UNI.

This is the highest level observed in three months. Such moves attract attention because whales are known to act with strong conviction and typically only take a position when they identify clear technical or fundamental signals. Their growing activity around UNI comes as the token continues to recover from the market correction that began in July.

UNI hasn’t really rebounded yet, but the whales’ growing presence suggests sentiment could be changing. The rise in large transactions shows that major players could be quietly positioning themselves for a potential comeback, and means that new momentum could be building within the Uniswap ecosystem.

Governance Concerns

Bitwise CIO Matt Hougan had said that Uniswap was undervalued as its market cap hovered at just over $6 billion. The executive had argued that if it were a traditional company, it would rank 400th in the world in financial services. The market capitalization has since suffered a significant decline and currently stands at $4.13 billion.

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For example, a paper published on research platform arXiv earlier this year raised concerns about how decentralized Uniswap actually is. The study found signs of centralization in the structure of its token network and liquidity pools. In particular, a large portion of the total value locked (TVL) is concentrated between a few key tokens and pools, indicating an uneven distribution of influence within the network.

This aligns with more recent findings from Token Terminal, which revealed that Uniswap has created around 340 millionaires through its UNI governance token. Out of approximately 381,600 UNI holders, this small group holds portfolios worth more than $1 million each.