Uniswap (UNI) Draws Market Attention After Moving 9M Tokens to Coinbase Prime

Uniswap drew market attention again after moving a significant amount of UNI tokens to Coinbase Prime, a platform used by institutional investors for over-the-counter trades.

A total of 9 million UNI, which equals around $47.5 million, were sent to Coinbase Prime in five transactions carried out over the past six days. The operations started on April 24 and concluded yesterday, adding up to $60.99 million in transferred assets.

The move could be seen as a sign of institutional interest in the DeFi protocol. However, investor reaction went the opposite way. Instead of viewing the move as an opportunity, many chose to exit their positions in UNI.

Whale Activity and Price Movements

Data from DeFi analytics firm Token Terminal reveals that whales liquidated 515,740 tokens, valued at $2.74 million, over the past 24 hours. This activity was accompanied by selling pressure in spot markets, where $14.98 million worth of UNI was offloaded in just one week.

This activity is noteworthy considering that the protocol’s TVL has been increasing. Since April 26, it has rebounded by $66 million, reaching $4.009 billion according to DeFiLlama. This figure highlights a disconnect between market activity and the health of the protocol’s DeFi infrastructure.

The crypto market is now awaiting regulatory decisions from the U.S. The SEC will now announce its ruling on several cryptocurrency ETFs by June 17. This includes the XRP proposal from Franklin Templeton, for which a decision was originally due on April 26.

The crypto community is eagerly anticipating the outcome of these applications, especially in light of the recent approval of the first Bitcoin futures ETF by ProShares in October 2021.

ETFs: High Approval Probability

According to Bloomberg, Solana, Litecoin, and crypto index funds have a 90% probability of approval. For XRP, Hedera, and Dogecoin, estimates range between 80% and 85%. At the same time, Avalanche,Polkdot, and Cardano maintain a 75% approval outlook.

Meanwhile, whales have been actively accumulating XRP. In the past 48 hours, they acquired over one billion tokens, which could be a sign of an upcoming price recovery. However, XRP’s price has struggled to break through the $2.4 to $2.5 resistance level.