Bought in for 13 million, sent back 6.61 million to the exchange, lost 6.39 million dollars, held for a whole year.
This trade ainโt anything specialโexcept for the size. Bought around $6, now at $2.98, down 54%. Over the year,
$UNI hasnโt seen any structure to break even, and no stop-loss was set; just held on and chose to realize the loss now.
Depositing into Binance usually means prepping to sell. 2.16 million coins dumped in, with the current depth not enough to clear it all in one go, likely placing limit orders in batches.
What Iโm watching now is whether this sell pressure can be absorbed.
$UNI 24h spot trading volume is 23.76 million, contracts at 86.53 million, and the contract/spot ratio is 3.6xโthis ratio indicates that price discovery is mainly happening on the contract side, while spot liquidity is relatively thin. 2.16 million coins at $2.98 translates to 6.43 million dollars, roughly 27% of the daily spot trading volume. Thatโs not chump change.
Funding rate +0.01%, open interest at 21.44 million coins, and I havenโt seen any significant short positions being opened. Bulls are still around, but the price dropped 1.2% today, failing to hold the high of $3.08, indicating inadequate buy support.
In this situation, Iโm not jumping in. Whale selling isnโt a bottom-catching position; Iโll wait for the sell pressure to clear first.
Iโve placed a buy order at $2.72, targeting last November's dense trading zone. I entered with a 5% position, stop-loss at $2.55, target $3.20, with a risk-reward ratio close to 1:2.5. Iโm not moving from this position for now.
If Iโm wrong -5% out, no stress.
$UNI #UNI #Uniswap
This post is just my thoughts, not advice.