[Uniswap holders are unstable and may have to wait for UNI to rise to $16]
There are some troubling developments as UNI’s price turned bearish, including high short interest liquidation at approximately $146,200, while long interest liquidation was around $24,980. Its market capitalization has risen nearly 11% in the past 24 hours to $4.67 billion. Its volume to market capitalization ratio is 3.25%, which means the UNI market is less liquid, making the market less stable. The circulating supply shows that about 60% of the 1 billion UNI tokens are already in the hands of users.
According to Intotheblock, outflows from exchanges to wallets have increased over the past seven days, reaching $22.7 million. Meanwhile, wallet inflows to exchanges also increased, reaching $18.63 million. Eastern time (10 pm-10 am) is used more for trading and investing in UNI, at 53%, according to demographic trading data. Additionally, large transactions over $100,000 reached $264.26 million in the past seven days.
Concentration among large holders is higher at 85%, with these holders owning over 1% of the circulating supply. Likewise, 82% of UNI holders have held it for more than 1 year, and its price correlation with Bitcoin (BTC) is 0.73. According to In/Out of the money data, 44.14% of Uniswap addresses are in profit, with 159,810 addresses; 53.12% are in loss, with 192,320 addresses; and 2.75% are flat, with 9,940 addresses.
Uniswap got off to a strong start in January 2024, with the price rising from $5.50 to $17.00 on March 6, 2024, an increase of over 200%. However, UNI price was unstable and formed support near $11.08 on high volume levels. After sustaining levels above $10.25 for some time, UNI price broke the support of a bearish flag pattern on April 9, 2024 as BTC declined, falling to $6.86 on April 13.
Afterwards, the price consolidated for a few days and broke out of the descending triangle pattern, rising to $11.85, where it met resistance. Since then, the price struggled to hold, but by June 21, 2024, the price broke out of the ascending channel and fell to 6 on July 5.85 USD.