🔍 Some people said the UNI project team’s address dumped 5 million tokens on November 4. I traced the transaction on-chain.

📌 First, the conclusion: The address ending in da5c32 did make a large transfer in the early hours of November 4 Beijing time, but it was 500,000 UNI, not 5 million—and it went to Coinbase, not through an exchange order book.

🔗 Here’s the full chain of events:
1️⃣ On October 1, Uniswap’s official Timelock unlocked 5 million UNI as part of its quarterly release and sent them to a Coinbase Prime custody address.
2️⃣ On October 6, roughly 5 million were transferred to a downstream address, 0xa55d….
3️⃣ That address then deposited the tokens into Coinbase in batches. The 500,000 transferred in the early hours of November 4 first went to a deposit address ending in da5c32, then reached Coinbase 10 a few minutes later. The same route saw another 110,000 the day before.

⚠️ So what does this establish—and what doesn’t it?
✅ What it confirms: These tokens came from the project’s quarterly unlock, passed through custody, and entered Coinbase in batches, creating potential selling pressure.
❌ What it doesn’t prove: that the project team “dumped” the tokens. Transferring tokens to an exchange doesn’t mean they were sold on the order book; they could also be used for market making, converted to fiat, or moved internally between custody accounts. The order book isn’t visible on-chain.

🧮 The amounts also don’t look like a single dump: It was 500,000 on the 4th, not 5 million; since mid-October, deposits have been made in batches ranging from around 100,000 to 500,000.

The above is what can be verified from on-chain transfers, not investment advice.