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 company is preparing for a potential ETF linked to the protocol.
For traditional investors, this makes Uniswap easier to understand and evaluate.
Ongoing concerns surrounding Uniswap ETF
While the submission attracted attention in the DeFi market, analysts urge caution.
In many cases, Delaware trust registrations serve as an early legal framework, allowing companies like Bitwise to act quickly as 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 that this step is more about preparation than immediate action.
Simply put, Bitwise is positioning itself early, even though the regulatory process has not yet begun.
Market response
Although the submission is only an early step, the UNI token responded positively. Around the time of filing, Uniswap was trade at $4.82, up 3.83% over 24 hours.
This price movement is notable because the broader ETF market is sending mixed signals. While UNI benefited from the Bitwise filing, other assets saw very different flows.
Ethereum [ETH] large outflow registered total $63.53 million.
But Ripple [XRP] led inflow with $9.16 million, followed by Solana [SOL]which one included $1.87 million in inflows. In addition, Chainlink [LINK] also looked smaller inflow from $439.03K.
This split suggests that investors may be reducing exposure to larger, established crypto assets like Ethereum.
What’s more?
This coincided with UNI recently lagging the broader market over the past three weeks, while many altcoins rallied alongside Bitcoin. [BTC] early January.
Although UNI saw momentum around the UNification proposal last month, that momentum quickly faded after the vote passed.
Even major developments, such as the 100 million UNI token burn, Uniswap Labs’ elimination of frontend fees, and the activation of fee switches, failed to spark 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 the price.
Final thoughts
- Bitwise’s filing signals a long-term intention and not immediate action, as no SEC assessment or timeline currently exists.
- Altcoin ETF flows remain mixed, indicating selective interest rather than broad confidence in the market.