Galaxy Digital Deposits $11M in UNI Tokens to CEXs Amidst Price Drop

Galaxy Digital, a digital asset management firm, has deposited $11.17 million worth of UNI tokens to centralized exchanges (CEX) such as Binance and OKX. This transaction was reported by ChainInfo and occurred approximately 5 hours prior to the report.

Over the past 12 days, Galaxy Digital has transferred a total of 8.871 million UNI tokens, valued at approximately $74.35 million, to Binance and OKX. Coincidentally, the price of UNI has dropped by 29% during this period, from $9.5 to $6.7.

This significant transfer of UNI tokens from Galaxy Digital to CEXs could indicate various strategic moves. It may suggest that the firm is diversifying its portfolio, preparing for potential market fluctuations, or exploring new investment opportunities. However, it is essential to note that the exact reasons behind this transaction remain unclear.

The UNI token is the native token of the Uniswap protocol, a decentralized exchange (DEX) that facilitates automated trading of ERC-20 tokens. UNI tokens are used for governance, fee sharing, and other purposes within the Uniswap ecosystem.

Galaxy Digital, founded by Mike Novogratz, is a leading digital asset management firm that provides institutional investors with access to the cryptocurrency market. The firm offers a range of services, including trading, custody, and research, to help clients navigate the complex and evolving landscape of digital assets.