Uniswap sees $12M in exchange withdrawals, yet UNI remains bearish – Why?
Bearish indicators threatened UNI's $6.844 support despite continued exchange outflows.
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. Also notably, the latest figure followed the persistent outflow throughout the past week.
Besides, the month of September experienced substantial inflow spikes, including daily readings exceeding $20 million on the 18th of the month. Together with the Galaxy Digital-linked transfers, the figures reflected potential accumulation despite UNI’s weak technical structure.
Can UNI defend $6.844 against bearish pressure?
Uniswap’s daily technical structure highlighted persistent selling pressure following its earlier decline from the $9 zone.
Despite the token trading around $7.05 at press time, Uniswap maintained its position above the immediate $6.844 support. The bulls, however, struggled to reclaim the $7.50 resistance level, leaving the broader recovery uncertain.
At press time, UNI’s Relative Strength Index indicator stood at 43.48, slightly above its Moving Average of 43.42. Even though this implied a modest improvement, the indicator remained below 50, suggesting weak buying strength.
The Directional Movement Index (DMI) indicator further validated the bearish outlook, with the negative directional indicator at 23.3160, exceeding the positive directional indicator at 13.6075. The ADX strength signal stood at 29.3116, indicating a relatively strong prevailing trend.
A loss of the $6.844 support could expose $6.00, while reclaiming the $7.50 resistance would strengthen recovery attempts toward high levels.
The liquidation heatmap reveals competing liquidity zones
Beyond the technical outlook, Uniswap’s 24-hour Binance Liquidation Heatmap revealed substantial liquidity bands on both sides.
Notably, considerable upside liquidity appeared around $7.20–$7.30, particularly near $7.30. On the downside, liquidity concentration accumulated around $6.85–$6.90, with another cluster near $6.80.
Noteworthy, the heatmap showed substantial liquidity bands beneath the prevailing market price, compared to the overhead liquidity.
Conclusively, the institutional withdrawals favored potential accumulation, but the bearish indicators continued threatening UNI’s recovery prospects.
Uniswap could reinforce its recovery by strongly defending the $6.844 support and reclaiming the $7.50 resistance, otherwise further downside towards $6.00 remains possible.
Final Summary
- Galaxy Digital-linked withdrawals approached $12 million as UNI Spot Netflows remained negative.
- Uniswap held $6.844 support, but bearish indicators threatened another decline toward $6.
