Galaxy Digital Moves 7.33M UNI Tokens to Exchanges, Setting the Stage for a Price Reversal

In the last 11 days, the decentralized exchange token, $UNI, has experienced outflows that have caught the attention of institutional investors and resulted

In the last 11 days, approximately 7.33 million DEFI token UNI, valued at about $63.18M, have been transferred from cryptocurrency investment firm Galaxy Digital to major exchanges Binance and OKX.

The large-scale transfer of UNI tokens has become a subject of interest for institutional investors, especially as it coincides with a period of high selling pressure for the overall crypto market and for the UNI token in particular.

The outflow from Binance, one of the major cryptocurrency exchanges, was substantial. However, Binance did not see a large amount of UNI being withdrawn, which could set up a bullish case for UNI.

If there are not significant amounts of UNI being taken off of exchanges, that could mean that holders do not intend to sell in the short term. However, these events that have taken place in conjunction have cast a slight shadow over the sentiment of UNI.

In this period, the token’s value has significantly decreased. Having hit a high of $9.50, UNI has now dropped to a low of $7.10, giving it a 25% decline overall. The price movement has gotten the attention of not just retail but also many institutional investors. They are now closely watching the token for signs that it may have put in a bottom.

During the recent decline, UNI may have hit a crucial support zone, which could be a springboard for bullish reversals. Currently, the price of UNI is stuck in a range between $5.43 and $7.00, a range that is being observed by many.

This range is a crucial support level, where buyers have stepped in to accumulate the token in previous cycles. Until recently, the price of UNI had been bouncing along this level on the way up.

Those investors who have been closely following UNI will probably be turning their attention to this support zone as a potential entry point. When a token makes a significant retracement to a well-established support level, it’s usually seen as a buying opportunity for anyone who believes in the long-term prospect of the asset.

The $5.43 to $7.00 range is viewed by many as a “strong long accumulation zone,” suggesting that UNI may have hit a price point from which bullish momentum could be reignited.

Recently, there has been a substantial outflow of UNI tokens from cryptocurrency investment firm Galaxy Digital to major exchanges Binance and OKX. Over the past 11 days, approximately 7.33 million UNI tokens, valued at about $63.18M, have been sent from Galaxy Digital to these exchanges.

This move by Galaxy Digital, a no-small-fish in the cryptocurrency investment world, has raised some eyebrows. Galaxy Digital is very well connected to the crypto world, to the point where most of the moves it makes tend to influence the market quite a bit.

Just so happened that on November 6, 2023, Galaxy decided that it was time to move a massive amount of UNI to places like Binance and OKX. Making this move during a time of high selling pressure for the overall crypto market—and for the UNI token in particular—also leads to another reasonable question: Why now?

有7,331,000枚的$UNI( $63,18M )在過去11天從Galaxy Digital流入到主要的加密貨幣交易所，例如Binance和OKX。

而同時期並沒有大量的UNI從Binance提出，UNI價格也最低跌到$7.1。https://t.co/IWbjhXOfZv

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