Is the UNI rally accumulation? Price added ~30% between Sep 17 and Sep 22, across the SEC’s tokenized-stock exemption and CME’s futures announcement. The exchange data points the other way. 🔀 UNI held on exchanges rose by 6.3M tokens from Sep 17 to Sep 23, about $58M at the Sep 23 close. 📉 The two heaviest inflow days were Sep 22 and Sep 23. Price closed Sep 23 down ~10%. 🧭 Exchange supply now sits within 0.2% of its 60-day high, set Aug 30. What we still don’t know: whether those tokens are headed for a sale, a hedge or collateral. Deposits show supply available to sell, not a decision to sell. The rally pulled UNI onto exchanges, not off them. 🔗 Track UNI exchange flows in Sanbase: https://app.santiment.net/charts/uni-exchange-flows-32116?utm_source=x&utm_medium=post&utm_campaign=uniexchange_0926&aff=33