A trader withdrew 1.79 million UNI, worth $13.18 million, from Venus Protocol and deposited it on Binance, leaving an estimated loss of about $3 million if sold. Spot buying has continued, but UNI's momentum still leans bearish.
A trader moved 1.79 million UNI, worth $13.18 million, from Venus Protocol to Binance, according to Lookonchain. The transfer alone does not confirm a sale, but it comes as Uniswap trades near $7.52.
Trader sits on a $3 million paper loss
The trader bought UNI a year ago at an average price of $9, according to the report. The holdings gained value after the recent rally, but the latest reversal pushed them to a loss at press time.
If the trader sold at press-time levels, he would realize approximately $3 million in losses. AMBCrypto says the move could allude to a lack of confidence in the market. Selling by large holders, known as whales, typically increases the available supply and can add downside pressure.
Spot buyers keep accumulating
Other investors, particularly in the spot market, appeared to take a different view. According to CryptoQuant's Exchange Netflow data, the metric remained negative for three consecutive days while UNI traded below $8.
Over the past day, Exchange Netflow fell to a low of -624K, which suggested that more assets have recently left exchanges. Spot Taker CVD also stayed positive over the past week, suggesting that buyers extended their dominance.
Indicators still lean bearish
Even so, the renewed demand has not been strong enough to trigger a trend reversal. Uniswap's Relative Strength Index remained in bearish territory at 46, and UNI traded below the 20-day EMA while testing the 50-day EMA.
Uniswap is likely to hover between $7.1 and $7.5. If demand strengthens enough, the altcoin could reclaim $8 and target $8.2.
Source: AMBCrypto
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