Bitcoin
Uniswap dips as derivatives sellers dominate ahead of CME Futures launch
UNI fell alongside broader crypto assets as derivatives data showed sustained sell pressure leading up to the CME listing date.
Uniswap's governance token traded lower, falling 1.24% over 24 hours in line with Bitcoin's 1.26% decline, despite the approaching October 19 launch of UNI futures on the Chicago Mercantile Exchange.
CME Group announced the upcoming launch of Bitcoin Cash and Uniswap futures on September 22. However, derivative metrics show persistent selling pressure since the announcement. The 90-day Futures Taker Cumulative Volume Difference (CVD) on CryptoQuant has remained negative, indicating that market sell orders have outpaced buys.
UNI has been consolidating between $6.80 and $7.80 within a descending channel over the past ten days, with a local support area around $6.65 to $6.70. While the broader daily trend from August's $3.17 low remains higher, technical retracement targets sit at $6.14 and $4.83 if the correction deepens.
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