Uniswap sees $12M in exchange withdrawals, yet UNI remains bearish – Why?

Uniswap [UNI] has registered significant exchange withdrawals after a wallet linked to Galaxy Digital moved roughly $12 million in tokens over six days. The wallet reportedly withdrew the UNI tokens from Binance, Bybit, and OKX to Galaxy Digital OTC and another unknown wallet. The most recent transfer involved 263,500 UNI worth roughly $1.86 million and another 234,000 UNI valued at approximately $1.64 million. These significant withdrawals raised the possibility of institutional accumulation, even though the transactions alone did not confirm purchases. Furthermore, the broader exchange activity also highlighted persistent withdrawals, reinforcing UNI's potential accumulation story. CoinGlass data highlighted Uniswap registered approximately $289.16K in spot net outflows as of reporting time. The negative reading suggested that withdrawals exceeded deposits, potentially reducing immediate selling pressure across trading platforms.

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