On-chain analyst Wu Jinyan notes that about a month after Uniswap’s founder unveiled the Fee and Burn proposal, a large transfer of UNI to a centralized exchange coincided with a 46% rally. The event involved 2.818 million UNI (about $27.08 million) moved into a CEX at roughly $9.60 per UNI.

Today, four hours ago, 823,000 UNI (~$4.73 million) were withdrawn from Binance and Bybit, with the transfer price around $5.70. The prior transfer to a CEX occurred at a price of $9.60, and the token price has since retraced from the earlier surge.

The latest liquidity moves illustrate ongoing price-discovery dynamics and shifting CEX holdings for UNI. As market participants reassess exposure to the Uniswap ecosystem, investors should monitor on-chain signals and governance updates for credible catalysts.