CryptoQuant data reveals that Uniswap (UNI) balances on centralized exchanges have reached an all-time high of 113.9 million tokens. Despite this milestone, several major wallets are actively withdrawing UNI from exchanges to expand their holdings.
The cryptocurrency has experienced significant price volatility this week. After jumping 11.9% on Wednesday following announcements regarding CME Group futures, UNI dipped alongside the broader market on Thursday. Even with the correction, the token maintains a gain of over 113% across the past month.
Exchanges Fill Up as Big Wallets Pull Tokens Out
According to CryptoQuant records stretching back to late 2020, the current 113.9 million token reserve is an all-time high. Exchange balances have increased progressively since the beginning of 2024, marked by a notable climb from roughly 100 million tokens in August.
Binance drives a large portion of this accumulation, holding more than 73 million UNI as of September 23. Market analyst CryptoOnchain reported that the platform absorbed 2.6 million UNI on September 18 and an additional 1.89 million UNI on September 22.
“Rising exchange reserves alongside surging active addresses into multi-month price highs create conditions that historically preceded elevated sell-side liquidity and consolidation more often than an immediate supply deficit,” the post read.
Conversely, wallets monitored by Lookonchain are moving in the opposite direction. Earlier in the week, three newly established addresses accumulated 782,130 UNI, valued at $6.97 million.
Out of these, wallets 0x9681 and 0xf415 collectively pulled 652,129 UNI out of Binance, Gate, Bybit, and OKX. Meanwhile, the third wallet, 0xbD9C, took in 130,000 UNI originating from Galaxy Digital. An additional address, 0xEFC4, purchased 269,477 UNI at a cost of $2.84 million.
At the same time, certain participants are cashing out. Wallet 0xA799 offloaded 788,000 UNI at a price of $8.85, less than a week after acquiring the tokens at $6.26. That transaction yielded roughly $2.04 million in profit, nearly offsetting the combined acquisitions of the three new wallets.
Stock Tokens Keep Uniswap’s Pools Busy
While whale activity remains divided, protocol metrics point to expansion within tokenized stock trading. Uniswap reports processing 80% of Robinhood Stock Token volume, which has surpassed $10 billion.
Token Terminal figures show that Uniswap accounts for more than 99% of decentralized finance (DeFi) deposits linked to Robinhood stock tokens on Robinhood Chain.
On the Base network, tokenized equities have driven more than $300 million in Uniswap volume. Additionally, on Circle’s Arc blockchain, Uniswap has handled over $300 million in swaps, representing roughly 84% of that chain’s total decentralized exchange volume.
These metrics position Uniswap centrally within trading activity on these specific blockchains. A portion of this trading volume can route back to UNI via the protocol’s fee switch, which finances token buybacks and burns.
Even so, these token burns remain modest relative to recent exchange deposits. On September 4, Uniswap burned 184,000 UNI—its second-highest daily burn total—with 150,000 of those tokens originating from the Robinhood Chain.
By comparison, Binance absorbed approximately 14 times that volume during just a single day on September 18. Consequently, the record exchange reserves currently place a greater supply of UNI within reach of sellers than what the burn mechanism eliminates.
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