Recent on-chain data from Santiment is reigniting debate around Uniswap (UNI), as price action remains weak while large holders steadily increase their exposure. According to the chart, the top 100 UNI wallets have been consistently accumulating tokens, even as UNI struggles to regain momentum below key resistance levels.
Historically, similar patterns have appeared at critical inflection points. The chart highlights multiple periods where whale accumulation preceded short-term price spikes, notably during July and August, when UNI reacted positively after concentrated buying by large addresses. In contrast, earlier phases of whale distribution coincided with sharp price declines, reinforcing the importance of tracking supply held by top wallets.
What makes the current situation more controversial is the clear divergence between price and accumulation. While retail sentiment appears cautious and price remains range-bound, whale-held supply has recently increased by over 22 million UNI, suggesting long-term positioning rather than short-term speculation. Despite this, the market has yet to respond meaningfully, raising questions about timing, liquidity conditions, and broader market sentiment.
This disconnect fuels two opposing narratives. Bulls argue that whales are preparing for a delayed reaction, pointing to historical precedents where price eventually followed accumulation. Bears, however, caution that accumulation alone is not enough, especially if demand from the broader market remains weak or macro conditions deteriorate.
From a structural perspective, UNI remains under pressure, but the on-chain data suggests that smart money behavior does not fully align with current price action. Whether this represents early positioning ahead of a trend reversal or merely passive accumulation in a prolonged consolidation phase remains open to interpretation.
As always, whale activity offers clues — not guarantees. The next decisive move will likely depend on whether broader participation returns to the market.
This article is for informational purposes only and reflects a personal blog-style analysis. It is not investment advice. Readers should conduct their own research and bear full responsibility for any investment decisions.
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