While markets focused on Bitcoin’s price swings, Bitwise was quietly working on a new crypto ETF idea tied to Uniswap [UNI].
By registering a Bitwise Uniswap ETF trust in Delaware, the firm is preparing for a possible ETF linked to the protocol.
For traditional investors, this makes Uniswap easier to understand and evaluate.
Lingering concerns around Uniswap ETF
While the filing drew attention in the DeFi market, analysts are urging caution.
In many cases, Delaware trust registrations serve as early legal setups, allowing firms like Bitwise to move quickly if regulations change.
However, there is currently no active SEC review for a Uniswap ETF, nor is there a confirmed timeline for a formal filing.
This suggests the move is more about preparation than immediate action.
In simple terms, Bitwise is positioning itself early, even though the regulatory process has not yet begun.
Market reaction
Now, even though the filing is only an early step, the UNI token reacted positively. Around the time of the filing, Uniswap was trading at $4.82, up 3.83% over 24 hours.
This price move stands out because the broader ETF market is sending mixed signals. While UNI benefited from the Bitwise filing, other assets saw very different flows.
Ethereum [ETH] recorded large outflows totaling $63.53 million.
But Ripple [XRP] led inflows with $9.16 million, followed by Solana [SOL], which recorded $1.87 million worth of inflows. Additionally, Chainlink [LINK] also saw smaller inflows of $439.03K.
This split suggests investors may be reducing exposure to larger, established crypto assets like Ethereum.
What’s more?
This coincided with UNI recently lagging in the broader market over the past three weeks, even as many altcoins rallied alongside Bitcoin [BTC] in early January.
While UNI did see momentum last month around the UNIfication proposal, that strength faded quickly after the vote passed.
Even major developments, such as the 100 million UNI token burn, the removal of frontend fees by Uniswap Labs, and the activation of fee switches, failed to trigger a sustained rally.
This underperformance, especially compared to Bitcoin and other altcoins, remains a concern for bullish investors.
In short, while Uniswap’s fundamentals and governance progress are improving, the market has yet to reflect that confidence in price.
