Uniswap Team Transfers $9.12M UNI to Coinbase Prime, Totaling $58.51M in 23 Days

Uniswap Team Transfers $9.12M UNI to Coinbase Prime, Totaling $58.51M in 23 Days

On-chain data analytics provider Etherscan reported that approximately two hours ago, an address associated with the Uniswap (UNI) team/investors/advisors transferred 1.19 million UNI ($9.12 million) to Coinbase Prime. This brings the total amount of UNI transferred from this address to Coinbase Prime in the last 23 days to 7.16 million UNI ($58.51 million). The address currently holds a balance of 1.81 million UNI ($14 million). This transaction follows a series of similar transfers from the same address to Coinbase Prime in recent weeks. On June 23, the address transferred 1 million UNI ($8.5 million) to Coinbase Prime. On June 27, it transferred 2 million UNI ($17 million) to Coinbase Prime. And on July 11, it transferred 2.97 million UNI ($23.9 million) to Coinbase Prime. It is not clear why the Uniswap team is transferring such large amounts of UNI to Coinbase Prime. However, it is worth noting that Coinbase Prime is a custodial service, which means that users must deposit their cryptocurrency into Coinbase Prime's custody in order to use the service. This suggests that the Uniswap team may be moving its UNI to Coinbase Prime in order to sell it or to use it to purchase other cryptocurrencies. Whatever the reason, these transfers are a sign that the Uniswap team is still actively involved in the management of the UNI token. It is also a reminder that the UNI token is a liquid asset that can be easily traded on major cryptocurrency exchanges.