- Number of bearish large investors in UNI ($11.22) has grown significantly, and they have begun selling the asset
- On-chain metrics revealed a decline in the total value locked and fees generated as sentiment changed
In the last 24 hours, UNI has seen an 11.95% decline across the market. This, as the larger sentiment turned bearish. And yet, this fall may have been likely driven by whales in the market.
That’s not all though as AMBCrypto’s analysis revealed that beyond the whales, other market participants also reduced engagement with UN – A possible factor precipitating a price drop.
Whales begin selling UNI
There’s been a considerable difference in the number of bulls and bears in the market, according to IntoTheBlock, with 12 bulls to 23 bears in the last 24 hours. Bulls and bears, in this case, are categorized as addresses holding up to 1% of UNI’s supply that have bought or sold the asset on a given day.
When the disparity is high, the market tilts in favor of large holders. With 11 more bears in the market, the trading volume was dominated by this group, contributing to the 11.95% price decline.
A further analysis showed that this market cohort traded 11.98 million UNI within this period, totaling $136.4 million …
