Bitwise Files for Spot Uniswap ETF as Daily UNI Burn Hits Record High, Yet Price Falls 15%
Bitwise filed for a spot Uniswap ETF while UNI burns hit a record high, yet the token's price dropped nearly 15%.Summary
Bitwise Investments has filed an S-1 registration with the US SEC for a spot Uniswap ETF, a move that could bring UNI exposure to institutional portfolios. The proposed fund would track UNI's spot price, using Coinbase Custody, and would initially exclude staking. This filing coincides with a significant surge in on-chain activity, as daily UNI burns reached record highs in February, fueled by increased trading fees and the protocol's Fee Switch mechanism. Despite these positive fundamental developments and reports of whales accumulating UNI, the token's price has fallen by nearly 15% in the last 24 hours, trading around $3.20 amid broader market bearishness. Furthermore, concerns linger as Uniswap reserves on exchanges are rising, suggesting potential selling pressure, and there is ongoing debate regarding the initial revenue generated by the Fee Switch.
(Source：BeInCrypto)