UNI Exchange Reserves at All-Time High as Whales Accumulate

Uniswap’s UNI token has seen its holdings on centralized exchanges hit a record high, reaching 113.9 million tokens, according to CryptoQuant data. At the same time, several large wallets are pulling UNI off exchanges and building their positions.

The token has seen sharp price fluctuations this week. UNI climbed 11.9% on Wednesday following plans for CME Group futures, then declined Thursday alongside the broader market. Over the past month, it has still gained more than 113%.

Exchanges Fill Up as Big Wallets Pull Tokens Out

The 113.9 million figure is the highest in CryptoQuant’s records, which go back to late 2020. Exchange balances have risen in stages since early 2024, including a jump from about 100 million in August.

Binance accounts for a large portion of the increase, holding more than 73 million UNI as of September 23. Analyst CryptoOnchain noted that the exchange took in 2.6 million UNI on September 18 and 1.89 million on September 22.

“Rising exchange reserves alongside surging active addresses into multi-month price highs create conditions that historically preceded elevated sell-side liquidity and consolidation more often than an immediate supply deficit,” the post read.

Meanwhile, wallets tracked by Lookonchain are moving in the opposite direction. Three newly created addresses gathered 782,130 UNI, worth $6.97 million, earlier this week.

Addresses 0x9681 and 0xf415 together withdrew 652,129 UNI from Binance, Gate, Bybit, and OKX. The third address, 0xbD9C, received 130,000 UNI from Galaxy Digital. Another address, 0xEFC4, purchased 269,477 UNI worth $2.84 million.

After $UNI dropped, whale 0xd42B spent 1.5M $USDC to buy 159,698 $UNI at $9.39 in a single trade.

— Lookonchain (@lookonchain) September 24, 2026

Not everyone is accumulating, however. Address 0xA799 sold 788,000 UNI at $8.85, less than a week after buying at $6.26. That sale yielded roughly $2.04 million, almost matching the combined haul of the three new wallets.

Stock Tokens Keep Uniswap’s Pools Busy

Whale activity is mixed, while on-chain data reveals growing volume in tokenized stock trading. Uniswap said it handles 80% of Robinhood Stock Token volume, which has topped $10 billion.

Token Terminal data shows that Uniswap holds more than 99% of DeFi deposits for Robinhood stock tokens on Robinhood Chain.

Uniswap holds over 99% of Robinhood stock token deposits in DeFi on Robinhood Chain

v4: $53M
v3: $25M
v2: $173.7K

Total deposits grew 532.8% over the past 30 days

For DeFi venues, Robinhood’s distribution is an opportunity to attract new users and earn more revenue

— Token Terminal 📊 (@tokenterminal) September 22, 2026

On Base, tokenized equities have surpassed $300 million in volume on Uniswap. On Circle’s Arc blockchain, Uniswap has processed over $300 million in swaps, representing roughly 84% of the chain’s DEX volume.

This data highlights Uniswap’s central role in trading on these blockchains. Some of that volume can flow back to UNI through the protocol’s fee switch, which funds token buybacks and burns.

However, the burn totals remain small next to recent exchange inflows. On September 4, Uniswap burned 184,000 UNI, its second-highest daily total, with 150,000 of that coming from Robinhood Chain.

Binance alone took in about 14 times that amount on September 18. For now, the record exchange reserve places more UNI within sellers’ reach than the burns remove.