thecryptobasic.com
Large Uniswap ($UNI) holders are accumulating the token despite its recent pullback from a local high.
According to CryptoQuant analyst Darkfost, Binance has recorded its highest level of major $UNI withdrawals in five years.
Darkfost said the monthly average of the 10 largest $UNI withdrawal transactions from Binance has reached its highest level since 2021. The trend suggests that some of the exchange’s biggest participants are continuing to accumulate $UNI during periods of price weakness.
The analyst noted that the monthly average of these top-10 withdrawals has surpassed 7,200 $UNI. On some days, the combined withdrawals from the 10 largest transactions exceeded 10,000 $UNI.
According to the analysis, the largest outflows have increased during periods of sharp declines in $UNI prices. This suggests that large investors may be using market dips as opportunities to accumulate.
“These outflows therefore suggest that $UNI accumulation is continuing, particularly among the largest players on Binance,” Darkfost wrote.
He added that despite $UNI’s extended decline from its all-time high, some investors remain confident in Uniswap’s long-term growth potential and the future value of its native token.
$UNI Still Down 90% from Previous Peak
For context, $UNI is among the major altcoins that have yet to reclaim their previous cycle highs. The token is still trading more than 91% below its 2021 all-time high of around $45.
Meanwhile, the latest accumulation trend comes after one of $UNI’s sharpest corrections in recent years. The token dropped to $2.316 on June 6, 2026, marking its lowest level in roughly five years.
The decline came just days after Standard Chartered projected that $UNI could reach $100 by 2030. After hitting its low, $UNI recovered strongly and climbed to $4.577 five days ago before losing momentum and pulling back.
According to CoinMarketCap data, $UNI is trading at $3.84 at the time of writing, down 5.45% over the past 24 hours. Despite the daily decline, the token remains up 21.7% over the past month and 52% over the past two months. However, it is still down 32% year-to-date.
Uniswap Fee Switch Boosts Network Activity
Notably, $UNI’s recent recovery happened after Uniswap v4 activated its fee switch, which led to a jump in network activity.
According to Santiment, $UNI’s price rose about 19%, from $3.83 to $4.54, between July 29 and July 31 after the fee switch and buy-and-burn system launched. The price later dropped back near $4.07 as the first wave of excitement faded.
The increase was not caused solely by price movements. On-chain activity also grew. New addresses nearly doubled, reaching 510 on July 30 and 582 on July 31, compared with the usual July range of 250–320.
Active addresses also increased, reaching 2,341 and 2,457 on those days, above the normal range of 1,300–1,700. Whale activity picked up too, with 142 transactions worth more than $100,000 recorded on July 30.
Santiment said that continued network growth, even after $UNI’s price cooled, could be a sign of stronger adoption, not just a short-term price boost.