Uniswap Sees Record $25M Accumulation as UNI Tokens Flow Off Exchanges

Uniswap [UNI] witnessed a record surge in accumulation on Tuesday, February 4, with a daily buying spree of $25.16 million, according to blockchain analytics firm IntoTheBlock. This marked one of the highest buying sprees since 2021.

Over $54.6 million UNI tokens were withdrawn from several crypto exchanges this week, with the Tuesday scoop worth over 3.6 million UNI tokens. Long-term investors took advantage of the de-leveraging event earlier in the week to grab discounted UNI below $7.

Meanwhile, traders' sentiment was mixed. While UNI's price stabilized above $8 after the recent dump, whale traders' positions on the Futures market fluctuated. Hyblock's Whale vs Retail Delta indicated that UNI's demand by whale traders oscillated between green and red since February, suggesting a lack of clear bullish dominance.

Uniswap, the Ethereum-based decentralized exchange, launched a new version (Uniswap V4) with improved capital efficiency and token swapping routes across 12 chains. The new version, enabled by the DEX's revolutionary 'hook' architecture, has already amassed over $50 million in one week after launch. However, Coinbase analysts believe it may take several months for Uniswap V4 to surpass its current V3 version based on its previous release history.

At press time, UNI was down 54% from its December high of $19. Despite the pullback, UNI retested the multi-year range breakout level ($7.5), which previously triggered rallies in March and November 2024. If the level acts as a springboard again, UNI could potentially rally to $15-$20 in the medium term.