UNI Files for Spot ETF, Sparking Institutional Interest but Facing Bearish Price Pressure

Bitwise has filed a Form S-1 with the SEC to launch a spot ETF for Uniswap's UNI token, marking the first such attempt in the U.S..

• The proposed ETF would be structured as a trust and custody the UNI token, managed by Coinbase Custody Trust.

• The filing is part of broader efforts to institutionalize DeFi and aligns with initiatives like SEC Chair Paul Atkins' 'Project Crypto'.

• Bitwise's filing highlights the growing interest in institutional exposure to DeFi tokens through regulated products. The initiative reflects a broader trend in 2025 and 2026 of increased crypto ETF filings, supported by a more favorable regulatory environment. According to reports, this development signals confidence in Uniswap's ecosystem, though it also underscores the SEC's evolving stance toward crypto asset structures.

• Despite the regulatory progress, the market has not responded with optimism. UNI has seen continued declines, trading at $3.20 as of early February 2026, with a 12.51% drop in the past 24 hours. The price weakness suggests lingering caution among investors regarding altcoin valuations and broader market sentiment.

What is the significance of the UNI ETF filing?

• The UNI ETF filing is a procedural step that could institutionalize access to Uniswap, which is currently ranked among the top 40 cryptocurrencies by market capitalization. This could attract a broader range of investors who are cautious about direct on-chain exposure. As analysis shows, the product is expected to be listed on a U.S. exchange and would be the first of its kind in the U.S., offering a regulated vehicle for DeFi governance token exposure.

• The filing also indicates a potential future structure that could include staking features, though these are not part of the launch. This exclusion is seen as a limitation for yield-focused investors, who may prefer direct ownership of UNI for staking rewards. Market data indicates, however, that such features are not currently included.

How has the market reacted to the filing?

• Market reactions have been mixed. While the filing has triggered a modest increase in UNI's trading volume—up 89% after the announcement— the price has not shown signs of reversing its bearish trend. Technical indicators such as the Moving Average Convergence Divergence (MACD) and the Average Directional Index (ADX) suggest continued downward pressure.

• Whale activity, however, indicates some long-term confidence in the UNI token's potential. Large holders have been accumulating UNI by moving $1.26 million off exchanges, signaling a belief in future institutional adoption. This contrasts with the bearish near-term outlook, as short positions have increased and support levels have been broken.

What are the risks associated with the ETF filing?

• The UNI ETF is currently in a regulatory gray area. Approval by the SEC is not guaranteed, and the filing itself does not ensure market success. The exclusion of staking features at launch limits the product's immediate appeal to investors who value yield generation.

• Furthermore, the broader crypto market remains bearish. UNI has recently broken a key support level of $4.10, a critical price level since March 2022, and is now trading near $3.20. This decline has coincided with a 9% drop in trading volume, suggesting weak momentum and heightened bearish sentiment. Derivatives data shows that short positions currently outweigh long positions, reinforcing the expectation of further downside unless buyers defend the broken support.

• Institutional adoption is often viewed as a long-term catalyst for altcoins. However, the market's response to Bitwise's filing suggests that investors are still waiting for clearer signals—such as regulatory approval and improved price performance—before reassessing the fundamentals of the UNI token.

• The market's cautious approach underscores the fact that while regulatory progress is important, it is not sufficient to reverse a broader bearish trend without macroeconomic improvements and increased demand from both retail and institutional investors.