$UNI, the native coin of the Uniswap blockchain, is down 10% in the last 24 hours, mirroring the performance of Bitcoin.
At press time, $UNI is trading at $3.3 after dropping to the $2.8 low earlier today.
The bearish performance comes despite Bitwise filing a spot Uniswap ETF application with the SEC.
Bitwise files for a $UNI spot ETF with the SEC
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$UNI has lost 10% of its value since Thursday despite positive news within the Uniswap ecosystem.
On Thursday, leading digital asset management firm Bitwise filed a registration statement with the Securities and Exchange Commission for the Bitwise Uniswap ETF, which would track the $UNI token.
According to the filing, if approved by the SEC, the Coinbase Custody Trust Company, LLC would be the custodian for the Bitwise Uniswap ETF.
Bitwise added that it currently has no plans to include staking in the fund. However, this situation could change in the future.
“The Trust‘s investment objective is to seek to provide exposure to the value of Uniswap held by the Trust, less the expenses of the Trust’s operations and other liabilities,” Bitwise added.
This latest development comes as asset management firms launched a wide range of spot altcoin ETFs in 2025.
Institutional investors now have access to funds tracking the prices of XRP, SOL, DOGE, LINK, LTC, ZEC, and ADA.
If approved, Bitwises $UNI ETF would be the first spot ETF to track the price of Uniswap.
$UNI is the governance token of the Uniswap protocol and is among the top 40 cryptocurrencies by market capitalisation.
Uniswap is a decentralized exchange built on Ethereum that allows users to swap tokens without an intermediary.
The derivatives data remain bearish thanks to $UNIs recent poor performance.
The long/short ratio in the last 24 hours has dropped to 0.9, indicating that the bears are currently in control.
$UNIs futures Open Interest (OI) has also declined by 8% since Thursday and currently reads $212 million.
The funding rate also flipped negative on Thursday, suggesting that the shorts currently outweigh the longs in the market.
$UNI could rally to $4.0 despite the bearish price action
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The $UNI/USD 4-hour chart is extremely bearish as $UNI is down 10% since Thursday.
The momentum indicators also remain bearish, suggesting that $UNI could record further selloff in the near term.
The 4-hour RSI of 31 shows that $UNI is in the oversold region, indicating a bearish momentum.
The MACD lines also dipped below the neutral zone since Sunday and have remained intact, adding further confluence to the bearish narrative.
If the selloff continues, $UNI could retest the Friday low of $2.8 over the next few hours.
An extended bearish performance would see $UNI drop further towards the $2.5 psychological level.
However, if the recovery gets intense, $UNI could rally towards the first resistance level and the Inducement Liquidity (ILQ) zone at $4.009.