In his assessment published today, crypto analyst Darkfost pointed out the pressure on the price of Uniswap’s UNI token from assets flowing into exchanges. According to the analyst, UNI is going through a distribution period after a strong upward trend.
According to the data, the altcoin has risen by approximately 370 percent from its June lows. Uniswap’s locked asset value exceeded $4 billion in September, while the decentralized exchange’s trading volume reached $93.6 billion.
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In contrast, the UNI price has fallen by over 30% from its recent peak of $10.90. Darkforth noted that UNI inflows to Binance reached their highest levels of the year during this period.
The fact that inflows into the stock market exceeded $40 million on some days at the end of September revealed the magnitude of the movement. The Z-score, which measures the deviation of inflows from the usual level, also rose above the 4 level on multiple occasions.
The analyst says that while stock market inflows are still high, they are starting to slow down. He believes that if this trend continues, the correction may be over.
*This is not investment advice.
Continue Reading: Sell Alert on Altcoin That Surged 370 Percent: Massive Inflows of Tokens to Binance