Uniswap (UNI-USDT is below the 7-day moving average -> bearish, and is below the 30-day moving average -> bearish, with 1 week change of -7.6%) a long-dormant whale offloaded 512,000 UNI tokens, realizing an estimated $11.6 million loss, which triggered broader selling pressure.
This steep liquidation followed the recent “UNI fication” governance proposal that had initially fueled rallies, raising fears that gains from the token burn narrative were being taken off the table.
Large-holder exits and reduced derivative participation now dominate the sentiment, overshadowing the protocol’s fundamental updates.
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