Uniswap's UNI token fell about 8% after on-chain data showed 9.295 million UNI, worth roughly $33.46 million at the time, moved to Coinbase Prime's hot wallet at around 10:20 a.m. The wallet owner had previously realized gains during earlier UNI rallies, including sales made during the surge that followed the fee switch mechanism's implementation in the Uniswap ecosystem last November. While transfers to a prime brokerage venue can signal an intent to sell, there is no definitive evidence that this transaction was made for direct spot sales. Separate on-chain data also highlighted activity from Machi Big Brother, a large crypto holder, who was liquidated twice on overnight ETH long positions and lost about $2.5 million before re-entering the market with a new Ether long worth about $4.6 million. The remaining margin on that position was estimated at roughly $180,000, implying about 25x effective leverage.