A Surprising Thing Occurred on ETH and Yearn. Finance When Uniswap Fell by 22%
Hsaka, a renowned Twitter crypto-analyst noted an ‘inverse correlation’ between UNI and major DeFi tokens like YFI. He stated that this may indicate that many DeFi users were trading UNI but when UNI fell, the profits cycled back into top DeFi tokens, with YFI being the sole beneficiary.
While Bitcoin (BTC) price breaks past $11,100 today, Bitcoin whale activity and Bakkt’s record volume are hinting that both whales and institutions could be accumulating BTC which is a bullish signal. Concurrently, the daily volume of Bakkt’s institution-focused Bitcoin futures market hit fresh highs.
According to CryptoQuant’s Ki-Young Ju, fewer whales have been moving BTC to exchanges. Historically, the data signifies reduced selling pressure from high-net-worth Bitcoin holders while indicating that the majority of whales prefer not to sell at $11,000. This he said;
“Exchange Whale Ratio hits the year low—the fewer whales moving to exchanges, the less dumping, and makes the higher BTC price.”
According to Arcane Research and Skew, Bakkt hit a fresh all-time high daily volume on Sep 5, the majority of which was physically-settled. It comes barely 24 hours after MicroStrategy purchased an additional $175 million worth of BTC.
