Asset manager Bitwise has filed for the first spot exchange-traded fund (ETF) for Uniswap’s UNI token with the U.S. Securities and Exchange Commission. The filing notes staking features would not be available at launch and Coinbase would act as custodian. This institutional move coincides with a significant spike in Uniswap’s trading volume, though the UNI token’s price remains in a steep downtrend amid broader market conditions.
Asset manager Bitwise has filed an S-1 application with the U.S. Securities and Exchange Commission for a Spot Uniswap ETF. This marks the first formal attempt to create an ETF directly tracking the UNI token.
The filing indicates a staking feature would not be available at launch, though “the situation could change later.” Should the SEC approve the ETF, Coinbase is named as the intended custodian for the fund. This development follows Uniswap’s launch of its own chain, which has increased its institutional profile.
The ETF news appears to have driven increased trading activity on the protocol. Daily trading volume saw an 89% increase, with a spike of roughly $200 million following the announcement.
Total volume on the Uniswap protocol over the past month exceeded $74 billion. This represents a daily average of more than $2 billion in trading activity.
Despite the volume surge, UNI’s market price continues to struggle. The altcoin lost 15% of its market capitalization in 24 hours and was down over 25% for the week at the time of reporting.
Technical analysis showed UNI’s price has been breaking market structure to the downside since late November. The Market Structure Break and OB Probability Toolkit identified several high-opportunity shorting zones between $4.70 and $5.39.
The Moving Average Convergence Divergence (MACD) indicator confirmed ongoing seller momentum. However, the density of the MACD bars has recently begun to lessen, a potential sign of shifting pressure.
