Uniswap sees $12M in exchange withdrawals, yet UNI remains bearish – Why?

UNI has seen considerable exchange withdrawals following a wallet associated with Galaxy Digital moving about $12 million in tokens over a six-day span.

The UNI tokens were reportedly moved from Binance, Bybit, and OKX into Galaxy Digital OTC and an unidentified wallet. The most recent transfers involved 263,500 UNI, valued near $1.86 million, and another 234,000 UNI, worth approximately $1.64 million.

These large withdrawals suggested a possibility of institutional accumulation, although the movements alone did not confirm actual purchases. Additionally, broader exchange activity pointed to ongoing withdrawals, supporting the potential accumulation narrative for UNI.

CoinGlass data showed Uniswap recorded about $289.16K in spot net outflows at the time of reporting. This negative reading implied that deposits were less than withdrawals, which could lessen immediate selling pressure across trading platforms. This figure followed consistent outflows throughout the previous week.

Despite September seeing large inflow spikes, including daily figures above $20 million on the 18th, the figures reflected potential accumulation alongside the Galaxy Digital-linked transfers, even with UNI's weak technical structure.

UNI's daily technical structure indicated sustained selling pressure after it fell from the $9 zone. While trading near $7.05 at the time of writing, Uniswap remained above the immediate $6.844 support level. The bulls, however, failed to regain the $7.50 resistance, leaving the recovery uncertain.

At press time, UNI's Relative Strength Index indicator was at 43.48, slightly above its Moving Average of 43.42. Although this implied a minor improvement, the indicator stayed below 50, suggesting weak buying strength. The Directional Movement Index (DMI) further supported the bearish view, with the negative directional indicator at 23.3160, surpassing the positive directional indicator at 13.6075.

The ADX strength signal registered at 29.3116, pointing to a relatively strong existing trend. Losing the $6.844 support could expose $6.00, whereas reclaiming $7.50 resistance would bolster recovery efforts toward higher levels.

Uniswap's 24-hour Binance Liquidation Heatmap showed significant liquidity bands on both sides. Upside liquidity was notable around $7.20–$7.30, especially near $7.30. Downside liquidity clustered near $6.85–$6.90, with another group close to $6.80. The heatmap indicated substantial liquidity beneath the current market price compared to overhead liquidity.