#BitwiseFilesforUNISpotETF

Big move in the DeFi space: Bitwise Asset Management officially filed an S-1 registration statement with the U.S. SEC on February 5, 2026, for the Bitwise Uniswap ETF — the first spot ETF aimed at tracking the price of Uniswap's governance token, UNI.

This would allow traditional investors (via brokerage accounts) to gain direct exposure to UNI's spot price without needing to hold the token themselves, custody handled by Coinbase Custody (no staking at launch, but potential addition later). It's a major step toward bridging DeFi protocols with regulated Wall Street products.

Why This Matters
Institutional push into altcoins/DeFi — Beyond BTC/ETH, this signals growing interest in leading DeFi tokens like UNI (Uniswap is the top decentralized exchange by volume).
Liquidity & visibility boost — If approved, it could attract billions in institutional capital, similar to how spot BTC/ETH ETFs transformed those markets.

Long-term legitimacy — Validates Uniswap as "real" financial infrastructure, not just speculative crypto.
But... Filing ≠ approval. SEC review could take months (or longer), depending on custody, market structure, compliance, and broader crypto regulations. Many filings face delays or rejections.

Current UNI Market Stats (as of early February 6-7, 2026)
The filing news came amid a tough broader market sell-off (crypto fear/greed index in "extreme fear" territory), so UNI reacted negatively short-term despite the bullish signal.
Current Price: Around $3.30 – $3.58 USD (volatile; dipped to ~$2.95–$3.00 lows post-filing, now recovering slightly in some reports).
24h Price Change: Down ~7–16% in the immediate aftermath (e.g., -7.9% to -15% reported across sources), reflecting broader altcoin pressure rather than rejection of the news.

24h Trading Volume: Spiked significantly — up 90%+ to ~$692M in some reports, or even higher (~$500M–$620M range in others). One source noted a ~$200M hike directly tied to the ETF buzz.
Market Cap: ~$2.0B – $2.3B (circulating supply ~630–634M UNI out of total ~1B max/FDV ~$3.1–$3.2B).
Liquidity & On-Chain Activity: Uniswap protocol remains strong — daily UNI token burns hit record highs (over 100M tokens burned historically, accelerating recently), showing high fee accrual and protocol usage despite price weakness. This burn mechanism reduces supply over time, potentially supportive long-term.

Market Reaction & Discussion
The filing caused an immediate volume surge (positive sign of interest), but price dropped hard — UNI hit multi-year lows (weakest since mid-2024 in some analyses). Why?
Broader crypto market meltdown overriding the news.

UNI already in a downtrend; sellers dominated.
No instant "ETF pump" like early BTC filings — market is cautious on altcoins right now.
Longer-term outlook:
Bullish case: Approval could drive UNI toward $4+ (some analysts eyeing recovery targets), increased liquidity, and mainstream adoption.
Bearish case: Delays/rejection + ongoing bear market = continued pressure.

Neutral/Realistic: Great validation for DeFi, but price needs broader recovery to shine.
In simple terms: Bitwise is betting big on UNI as a regulated investment play. Volume jumped on the hype, but price is still bleeding with the market — classic "buy the rumor, sell the news" (or fear) moment.