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UNI whale balances rose $1.62M in a day, but that same cohort was a net seller of $130K on DEXs — the driver behind the rising balance was a newly joined ninth wallet, not existing whales buying more.
Sasha Reeves
·
September 19, 2026
On the first trading day of September, Nansen-labelled Whale wallets simultaneously added to three tokens — Uniswap (UNI), Orca (ORCA), and Pump.fun (PUMP) — and all three headlines pointed in the same direction: "whales are buying." But pulling apart the on-chain data behind these three cases reveals that "rising balance" and "whales are actively buying" are two things frequently conflated,...