Whales pulled Uniswap (UNI) tokens off Binance at the fastest pace in five years, a sign of conviction among the token’s largest holders.

The price has moved in the opposite direction, with UNI down 18% over the past week. The withdrawals suggest large holders are looking past the slide rather than joining it.

Whales Pull UNI From Binance at Record Pace

Analyst Darkfost tracked the daily outflows generated by the 10 largest transactions on Binance. The monthly average hit 7,300 UNI leaving the exchange each day through those transactions. This marked a five-year high.

“It was notably when UNI’s price recently approached $3 that the average outflow from the ten largest daily transactions on Binance hit record highs,”

At the same time, an average of 5,600 UNI still move out daily through the same group of transactions.

“Despite a tough environment for altcoins, some are still drawing attention, particularly those being accumulated most aggressively by whales,” the analyst said.

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Standard Chartered Raised Its Outlook, The Market Did Not Follow

Large holders are buying into a supply story that a major bank has endorsed. Standard Chartered told clients last week that Uniswap burns had roughly doubled. 

Geoffrey Kendrick, the bank’s global head of digital assets research, put the pace near $90 million a year. He then lifted his long-term view.

“I fear my 2030 UNI target of USD100 is too low!” he said.

Yet, the market has not followed that confidence. UNI posted the steepest weekly decline among the 100 largest cryptocurrencies by market capitalization. At press time, it traded near $3.3.

Exchange balances point the same way. UNI held across all venues rose from about 103 million on August 11 to 110.3 million, a gain of roughly 7%.

The two readings measure different things. Darkfost tracks the largest transactions on Binance, while the reserve figure covers every exchange CryptoQuant monitors.

That leaves whales and the wider market moving in opposite directions. The next few sessions will show which flow sets the tone.

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Source: BeInCrypto