The address that was first loaded in early September has added again: about 142,000 UNI were topped up roughly two hours ago, worth about $12.9 million, with the paper profit counted as $11.9 million.
Around the same time there was an even larger transaction—someone claims that an address that had just cleared a large amount of ETH withdrew 3.125 million UNI about a week ago at roughly $7.75 each, costing about $24.2 million and showing an unrealized profit of about $3.8 million.
Both of these are transfers, but they refer to the same thing: nothing has been sold. So those numbers are on paper, not already realized.
What truly supports the mid-term thesis is a different thread. After the fee switch was turned on and kept running, according to the figures being discussed publicly, about $14.7 million was burned in September, and in the 23 days before September, about 57% of it came from a chain that only went live in July.
Those claims still need verification, but if they hold true, concentration itself is a variable: if activity on that chain cools down, the burn curve would drop faster than the overall trend.
The price hasn’t treated this as a major positive. After falling from 9.68 to 8.81, it’s been grinding in a range between 8.45 and 9.30.
The question remains: if the bullish case is that smart money is adding, but that buy so far hasn’t materialized into anything, are you seeing a signal—or just a relay baton passed to you by someone else?
Around the same time there was an even larger transaction—someone claims that an address that had just cleared a large amount of ETH withdrew 3.125 million UNI about a week ago at roughly $7.75 each, costing about $24.2 million and showing an unrealized profit of about $3.8 million.
Both of these are transfers, but they refer to the same thing: nothing has been sold. So those numbers are on paper, not already realized.
What truly supports the mid-term thesis is a different thread. After the fee switch was turned on and kept running, according to the figures being discussed publicly, about $14.7 million was burned in September, and in the 23 days before September, about 57% of it came from a chain that only went live in July.
Those claims still need verification, but if they hold true, concentration itself is a variable: if activity on that chain cools down, the burn curve would drop faster than the overall trend.
The price hasn’t treated this as a major positive. After falling from 9.68 to 8.81, it’s been grinding in a range between 8.45 and 9.30.
The question remains: if the bullish case is that smart money is adding, but that buy so far hasn’t materialized into anything, are you seeing a signal—or just a relay baton passed to you by someone else?