Binance Whales are quietly buying up Uniswap’s UNI token amid market weakness

UNI’s whale outflow from Binance hit a three-month high.

Uniswap’s native token, UNI, started the month trading around $7.50 and held steady for the first few weeks before a sharp decline mid-month dropped it below $6.50. Since then, the asset has been trying to regain its position, mainly fluctuating between $6 and $6.8.

Despite some small rebounds, the country has not yet recovered its strength from early 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 Binance’s UNI outflows, especially among the top 10 largest trades, which are typically tied to whale wallets.

UNI continues with Binance

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

This is the highest level in three months. Such moves attract attention because whales are known to trade with strong conviction and typically only enter positions 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 fully recovered yet, but the growing presence of whales suggests sentiment could be turning. The uptick in large transactions shows that major players are quietly positioning themselves for a potential comeback, and means there may be new momentum building within the Uniswap ecosystem.

Governance problems

Bitwise CIO Matt Hougan had said Uniswap was undervalued when its market capitalization hovered at just over $6 billion. Its director had argued that if it were a traditional company, it would be the 400th largest global financial services company. The market capitalization has since fallen significantly and currently stands at $4.13 billion.

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

This is consistent with more recent findings from Token Terminal, which found that Uniswap has created approximately 340 millionaires through its UNI governance token. Of the approximately 381,600 UNI holders, this small group has wallets worth more than $1 million each.