Traders Flip Long on Uniswap’s UNI as OKEx News Highlights CEX Risks

Traders Flip Long on Uniswap’s UNI as OKEx News Highlights CEX Risks


Uniswap’s UNI token has been closely tracking Bitcoin and the entire crypto market over the past few days and weeks, but this correlation is beginning to break as it bucks the downtrend seen by BTC over the past 24-hours and rallies higher.

One reason behind its slight upswing seen today may be the recent OKEx imbroglio, in which the founder’s arrest by the Chinese authorities effectively froze all the funds on the platform, as it cannot process withdraws without his key.

This has led to 200,000 BTC being in limbo, as well as tens of millions worth of altcoins.

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This highlights a major point of failure for centralized exchanges, which may drive some capital towards Uniswap’s UNI token.

One analyst observed that traders are now widely flipping long on UNI, with the inflows of buy-side pressure on its perpetual swap pair on Binance coming about in the minutes following the OKEx announcement last night.

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