Uniswap UNI Jumps 14% as Fundamentals Improve

Uniswap (UNI) Surges 14% in 24 Hours: On-Chain Fundamentals Solidify Bullish Outlook Despite Mixed Market Sentiment

Uniswap (UNI) posted a strong 14% rally in the past 24 hours, erasing recent losses and reigniting bullish interest across the crypto market. While key on-chain indicators suggest further upside potential, a deeper look into market activity reveals a battle between spot market skepticism and derivatives-driven optimism.

UNI Rally Reclaims Positive Momentum

In a sharp turnaround, Uniswap (UNI) surged 14% over the last 24 hours, as reported by CoinMarketCap. This rally effectively erased the token’s losses over the past month, propelling UNI back into positive territory for June.

Market participants are now closely watching whether the move marks the start of a broader uptrend—or a temporary bounce amid underlying caution.

370,000+ UNI Holders Reflect Growing Adoption

A major factor driving bullish sentiment is the steadily rising number of UNI holders. According to Artemis data, the total number of addresses holding UNI has reached an all-time high of 370,000.

Key Insight: While the volume held by these wallets hasn’t been disclosed, the record holder count highlights growing investor confidence in the protocol’s long-term prospects.

This increase in wallet activity has historically aligned with price momentum, and may continue to provide tailwinds if broader market support holds.

Treasury Value Swells to $5.6 Million

Another indicator of Uniswap’s strength is the rise in its Treasury Value, which has now reached $5.6 million. This reflects healthy protocol revenue and a war chest capable of sustaining ongoing development and governance proposals.

A well-capitalized treasury boosts investor confidence, suggesting that the team has the resources to innovate, expand, and weather market volatility.

But Spot Volume Paints a Cautious Picture

Despite the price surge, spot market activity presents a more tempered view.

Data from Artemis shows that spot trading volume on Decentralized Exchanges (DEXs) has continued to decline. UNI’s DEX spot volume currently stands at just $1 billion, indicating limited enthusiasm among short-term traders.

This trend reflects weakened spot market conviction, with some investors potentially selling into strength rather than accumulating on the rally.

TVL Inches Higher—But Momentum Remains Tepid

According to DeFiLlama, Uniswap’s Total Value Locked (TVL) has seen only marginal gains over the past 10 days.

June 1 TVL: $4.847 billion
Current TVL (June 10): $4.883 billion

This +$36 million increase in liquidity suggests that while some capital is re-entering the protocol, investors remain hesitant to fully commit assets to long-term pools.

The flat TVL trajectory contrasts with UNI’s price movement and raises questions about the depth of conviction behind the rally.

Spot Market Netflows Suggest Selling Pressure

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Further evidence of caution comes from spot market exchange netflow data provided by CoinGlass. Over the last 48 hours, more than $7.93 million in UNI has been sold, with $6.48 million in outflows occurring in the past day alone.

The concentration of sell pressure in the spot market may indicate profit-taking by short-term holders or a general lack of confidence in sustained upside.

This could limit UNI’s ability to maintain bullish momentum unless new demand emerges.

Derivatives Market Bucks the Trend: Longs in Control

In contrast to the cautious spot activity, derivatives traders are doubling down on bullish bets.

Funding rate data from CoinGlass reveals that UNI’s funding rate has climbed to 0.0044%, signaling that long-position holders are paying a premium to maintain leverage.

Interpretation: This typically indicates bullish sentiment among futures traders who anticipate further upside.

The divergence between spot and derivatives markets suggests speculative optimism, even as organic buying appears subdued.

Bulls and Bears Battle for Control

The current market dynamics reveal a complex picture:

Market SegmentSignalInterpretation

UNI Holder Count

All-time high (370K)

Bullish long-term adoption

Treasury Value

$5.6 million

Strong financial backing

Spot Volume

Decreasing

Cautious short-term sentiment

TVL

Slight increase to $4.88B

Low liquidity inflow, mild investor conviction

Spot Netflows

$7.93M in outflows

Selling pressure persists

Funding Rate

0.0044%

Derivatives traders expecting gains

What’s Next for UNI?

With bulls in derivatives markets pushing for upside and long-term fundamentals strengthening, Uniswap’s price action now hinges on broader macro and crypto sentiment. If Bitcoin (BTC) continues to show strength near the $110K range, it could act as a tailwind for UNI and other DeFi tokens.

However, a sustained breakout may require:

Renewed interest in spot buying
An uptick in liquidity deposits (TVL growth)
Clear regulatory or protocol updates to fuel demand

Community Sentiment: Optimism, But With Guardrails

Though the recent rally has rekindled interest, most investors and analysts remain cautiously optimistic. The combination of increasing UNI holders and rising derivatives bets is bullish, but weak DEX volume and selling in the spot market hint that many are not yet convinced the rally has legs.

Final Thought: UNI is flashing strength, but the next leg up may depend on whether fundamentals translate into broader market conviction. Until then, traders are advised to watch liquidity flows and derivatives positioning closely.