A Uniswap whale deposited 2.16 million UNI to Binance at a $6.4 million loss, adding to exchange supply pressure as the token tests critical support near $3.00.
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Uniswap whale dumps 2.16M UNI at $6.4M loss as exchange inflows surge
A long-term UNI holder sent 2.16 million tokens worth $6.61 million to Binance on May 29, locking in an estimated $6.39 million loss after originally withdrawing the position when its value stood near $13 million roughly a year ago, according to on-chain data tracked by OnchainLens.
The transaction pushed UNI spot netflows into positive territory, with about $4.65 million entering trading venues during the latest session, CoinGlass data shows. Positive netflows indicate more tokens moved onto exchanges than left them, increasing the supply available for sale. The development arrived as UNI traded around $2.99, with the broader market structure already showing signs of weakness.
Technical indicators reinforced the bearish bias. The Directional Movement Index showed -DI at 22.90, holding above +DI at 12.01, while the ADX stood at 25.10 — confirming sellers retained control of the prevailing trend. The Parabolic SAR remained above price at 3.542, maintaining a bearish signal on the daily timeframe. UNI has also broken below an ascending trendline that had supported the token since April, according to analyst Cryptorphic, with the RSI sitting near 41, below the neutral 50 level.
The $3.00 zone now represents the last line of defense for UNI bulls. A decisive breakdown below this level would expose the token to the next major support near $2.64, based on prior price structure. On the upside, resistance sits at $3.35 to $3.47, where the broken trendline and overhead moving averages converge, with a more significant barrier at $4.00 that has repeatedly rejected recovery attempts.
Despite the whale capitulation and rising exchange inflows, Binance's largest traders maintained a bullish stance. Data showed 60.71% of top trader accounts remained long, with only 39.29% short, producing a Long/Short Ratio of 1.55. This positioning suggests experienced market participants expect a rebound from current levels, though sustained buying interest would need to absorb the growing exchange supply before a trend reversal can materialize.
UNI's fully unlocked supply — meaning no future token unlocks that could introduce additional selling pressure — provides one structural advantage for bulls. Recent ecosystem developments, including Uniswap's integration with Base for AI agent swaps and BlackRock's reported use of UniswapX for its BUIDL fund operations, have also drawn attention to the protocol's fundamentals.
This article is for informational purposes only and does not constitute investment advice.
