A new wallet withdrew 1.29 million $UNI from Binance over three days starting 10/11, at an average price of about $7.42 per token. The latest withdrawal of 600,000 tokens was at a price of around $7.10—during the decline.
This morning’s wick bottomed at $6.742, just 0.4% below the 9/17 opening price of $6.71 that I marked on 10/9. The very next candle closed back above $7.0, and it’s now at $7.31. The broader market is still down around 4%, and UNI is still down 5% over 24 hours.
What I’m watching isn’t the bounce itself, but the fact that volume didn’t taper off during it: over those three hours of recovery, hourly volume was around 600,000 tokens—on par with the two heaviest selloff candles. For most of yesterday, hourly volume was only 100,000–200,000. There’s a wallet withdrawing on-chain, and genuine buyers in the order book; the two signals line up.
But futures open interest is falling, and I can’t tell whether this volume is short covering or new longs entering. So I’m only reading this as “someone is buying in the $6.70–$7.10 range,” not as a bottom. If it falls back below $6.74 and can’t hold, this thesis is invalidated; only a reclaim of $7.42 (that wallet’s cost basis) would turn me bullish. If you want to follow, wait for a retest of $7.00–$7.05.
#UNI #Uniswap
This morning’s wick bottomed at $6.742, just 0.4% below the 9/17 opening price of $6.71 that I marked on 10/9. The very next candle closed back above $7.0, and it’s now at $7.31. The broader market is still down around 4%, and UNI is still down 5% over 24 hours.
What I’m watching isn’t the bounce itself, but the fact that volume didn’t taper off during it: over those three hours of recovery, hourly volume was around 600,000 tokens—on par with the two heaviest selloff candles. For most of yesterday, hourly volume was only 100,000–200,000. There’s a wallet withdrawing on-chain, and genuine buyers in the order book; the two signals line up.
But futures open interest is falling, and I can’t tell whether this volume is short covering or new longs entering. So I’m only reading this as “someone is buying in the $6.70–$7.10 range,” not as a bottom. If it falls back below $6.74 and can’t hold, this thesis is invalidated; only a reclaim of $7.42 (that wallet’s cost basis) would turn me bullish. If you want to follow, wait for a retest of $7.00–$7.05.
#UNI #Uniswap