Record High UNI Sits on Exchanges: Sell Pressure Ahead, or Are Whales Right?
Uniswap (UNI) holdings on centralized exchanges have climbed to a record high of 113.9 million tokens, CryptoQuant data shows. Yet, several large wallets are pulling UNI off exchanges and adding to their positions.
The token has swung sharply this week. UNI rose 11.9% on Wednesday on plans for CME Group futures, then fell with the wider market on Thursday. Overall, it remains up over 113% in the past month.
Exchanges Fill Up as Big Wallets Pull Tokens Out
The 113.9 million figure is the highest in CryptoQuant data, which starts in late 2020. Balances have risen in stages since early 2024, with a jump from about 100 million in August.
Binance accounts for much of the build-up. It held over 73 million UNI as of September 23. Analyst CryptoOnchain said the exchange took in 2.6 million UNI on September 18 and 1.89 million 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.
Meanwhile, wallets tracked by Lookonchain are moving the opposite way. Earlier this week, 3 newly created addresses gathered 782,130 UNI, worth $6.97 million.
Two of them, 0x9681 and 0xf415, withdrew a combined 652,129 UNI from Binance, Gate, Bybit, and OKX. The third, 0xbD9C, received 130,000 UNI from Galaxy Digital. Another address 0xEFC4 bought 269,477 UNI worth $2.84 million.
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After $UNI dropped, whale 0xd42B spent 1.5M $USDC to buy 159,698 $UNI at $9.39 in a single trade.https://t.co/zzCfVUq592 pic.twitter.com/7dn4BMdhgO
— Lookonchain (@lookonchain) September 24, 2026
However, some are cashing out. Wallet 0xA799 sold 788,000 UNI at $8.85, less than a week after buying at $6.26. That sale netted about $2.04 million and nearly matches the 3 new wallets’ combined haul.
Stock Tokens Keep Uniswap’s Pools Busy
Whale flows remain mixed, while protocol data shows growth in tokenized stock trading. Uniswap said it handles 80% of Robinhood Stock Token volume, which has topped $10 billion.
Token Terminaldata shows Uniswap holds over 99% of decentralized finance (DeFi) deposits for Robinhood stock tokens on Robinhood Chain.
Uniswap holds over 99% of Robinhood stock token deposits in DeFi on Robinhood Chain
— Token Terminal 📊 (@tokenterminal) September 22, 2026
v4: $53M
v3: $25M
v2: $173.7K
Total deposits grew 532.8% over the past 30 days
For DeFi venues, Robinhood’s distribution is an opportunity to attract new users and earn more revenue pic.twitter.com/gABJ20f9Bm
On Base, tokenized equities have passed $300 million in Uniswap volume. On Circle’s Arc blockchain, Uniswap has handled over $300 million in swaps, about 84% of the chain’s decentralized exchange volume.
The data places Uniswap at the center of trading on these blockchains. Some of that volume can reach UNI through the protocol’s fee switch, which funds token buybacks andburns.
However, the burns remain small compared with recent exchange inflows. Uniswap burned 184,000 UNI on September 4, its second-highest daily total, with 150,000 of that coming from the Robinhood Chain.
Binance took in about 14 times that amount on September 18 alone. For now, the record reserve puts more UNI within sellers’ reach than the burns remove.
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