Key Takeaways
- • Uniswap (UNI) exchange reserves on Binance have declined to approximately 72.9 million UNI, with net withdrawals of roughly 1.1 million UNI in a single day, suggesting selling pressure may be easing.
- • UNI traded near $7.25 at the time of writing after rebounding toward $7, following earlier inflow spikes that raised distribution concerns.
- • Grayscale's DeFi Fund held 38.15% in Uniswap as of October 16, up from 34% in August, making UNI the fund's largest position.
- • Analysts note that sustained buying demand is still needed, as Grayscale's concentrated allocation does not by itself confirm new institutional inflows.
Summary
Uniswap (UNI) faces a mixed set of signals as exchange flows shift. Earlier in the cycle, rising Binance inflows pointed to distribution risk. The Z-Score for inflows rose above 40 by the end of 2025, indicating an extreme departure from historical averages, and the metric recently returned to nearly 10 as UNI rebounded toward $7. Rising exchange deposits can increase the supply of tokens available for immediate sale, which could cap upside momentum.
The trend has since reversed, according to AMBCrypto's analysis of exchange netflows. Binance recorded net withdrawals of roughly 1.1 million UNI in one day, and reserves have continued to decline since October 10. Total exchange reserves have fallen to approximately 72.9 million UNI, down from a peak of about 75 million UNI reached during the September 2020 inflow spike. UNI was trading near $7.25 at the time of writing, below $7.30. Continued outflows would reduce the supply available for immediate selling, but the report stresses that durable price recovery depends on sustained buying demand.
On the institutional side, Grayscale's DeFi Fund allocated 38.15% to Uniswap as of October 16, a 4-percentage-point increase from its 34% allocation in August. Aave (AAVE) was the second-largest holding at 20.17%, followed by Ondo (ONDO) at 18.53% and Ethena (ENA) at 15.90%. Because UNI makes up the majority of the fund, its price movements will have a outsized effect on fund performance. The declining relative weights of AAVE and ONDO reflect shifting exposures, but the article notes this does not necessarily indicate new institutional investors entering either asset.
The trend has since reversed, according to AMBCrypto's analysis of exchange netflows. Binance recorded net withdrawals of roughly 1.1 million UNI in one day, and reserves have continued to decline since October 10. Total exchange reserves have fallen to approximately 72.9 million UNI, down from a peak of about 75 million UNI reached during the September 2020 inflow spike. UNI was trading near $7.25 at the time of writing, below $7.30. Continued outflows would reduce the supply available for immediate selling, but the report stresses that durable price recovery depends on sustained buying demand.
On the institutional side, Grayscale's DeFi Fund allocated 38.15% to Uniswap as of October 16, a 4-percentage-point increase from its 34% allocation in August. Aave (AAVE) was the second-largest holding at 20.17%, followed by Ondo (ONDO) at 18.53% and Ethena (ENA) at 15.90%. Because UNI makes up the majority of the fund, its price movements will have a outsized effect on fund performance. The declining relative weights of AAVE and ONDO reflect shifting exposures, but the article notes this does not necessarily indicate new institutional investors entering either asset.
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