Binance's UNI reserves have climbed to more than 71.5 million tokens, the most the exchange has held of the Uniswap governance token in six months. UNI, the governance asset of decentralized trading protocol Uniswap, holders voting rights over the protocol's development decisions. The token closed at $10.209 on September 22, also a six-month high, marking a 108% climb from its quarterly baseline.

The numbers behind the accumulation

During the week ending September 22, daily net inflows of UNI to Binance averaged +951,249 tokens. Two days stood out in particular: September 18, when a net +2.60 million UNI reached the exchange, and September 22 itself, which recorded a further +1.89 million in deposits. The two days ranked among the largest single-day inflows of the period.

The build-up marks a notable shift from earlier in the year. Binance Proof of Reserves snapshots from 2026 had shown UNI holdings hovering around the 60 million mark, meaning the current balance of 71,584,353 tokens represents an increase of roughly 18-19% in the exchange's custody of the asset over a relatively short period. Binance publishes these snapshots at regular intervals as a transparency measure, which makes future shifts in its UNI custody periodically verifiable against on-chain balances.

Trading activity has followed suit. UNI's average daily volume during the same week hit $18.8 million, a 162% increase over the quarterly mean.

On-chain activity tells a parallel story

On-chain usage strengthened alongside the exchange flows: active addresses climbed to 4,217, and network transactions surged 95% quarter-over-quarter.

The sell-side liquidity question

Analysts tracking the pattern have noted that the unusual accumulation of UNI on Binance could indicate a build-up of sell-side liquidity rather than token scarcity. Exchange balances are not a direct read on trader intent — internal wallet reorganization, custody transfers, and market-making inventory can all shift an exchange's reported holdings — which is why reserve moves are typically weighed against other signals such as trading volume and on-chain activity. Whether the balance holds near current levels or drifts back toward the roughly 60 million tokens recorded earlier in the year should become visible in upcoming Proof of Reserves updates and daily flow tallies.

A macroeconomic development preceded the heaviest flows: on September 16, the Federal Reserve cut interest rates by 50 basis points. The Fed's decision came less than a week before the largest inflow days recorded during the period.