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A major Uniswap investor has reactivated his wallet after six months of inactivity, withdrawing 1.48 million UNI tokens, worth $10.4 million, from Coinbase Prime about two hours ago. The wallet in question now holds a total of 3.91 million UNI tokens, worth $27.2 million.
According to the analytical company’s reportIn two separate transactions during February and August 2024, the investor withdrew a total of 3 million UNI tokens at an average price of $6.89 per token, for a total of $20.6 million. An additional 911,000 UNI tokens were unlocked from the Uniswap vault in September 2020. These tokens were transferred to the investor’s wallet in February 2024 at an average price of $7.74 per token, for an approximate value of $7.05 million.
This latest withdrawal indicates that the investor is preparing for potential market movements or taking advantage of a strategic opportunity. The reactivation of such a significant portfolio confirms investor confidence in the long-term value that Uniswap offers, even amid current market volatility.
Market impact
The essence university Recent holdings and transactions could impact market sentiment, especially given the ongoing debate over decentralized finance (DeFi) token valuations. The investor’s actions could prompt other large coin holders to evaluate their strategies in light of evolving market conditions.
The 4-hour chart of the UNI/USDT pair is showing a recent bullish trend, as the price is moving inside an ascending channel pattern. The price tested the upper boundary of the channel at around $7.00 but faced resistance, leading to a slight pullback to the current price level at $6.924. The Woodies CCI is currently above the 50 level, indicating that the momentum is in favor of the bulls. However, the decline in the CCI could indicate weakening momentum and a potential correction.
Recent price action suggests that UNI could continue to trade within the ascending channel in the near term. Traders should keep a close eye on key support and resistance levels, as a breakout could determine the next major move for the UNI/USDT pair.
