$ETH February 5 was a tale of two signals.
BTC broke below $65,000.
$860M liquidated in 24 hours.
Fear & Greed Index plunged into Extreme Fear.
On the same day, Bitwise quietly filed an S-1 for a Uniswap (UNI) spot ETF with the SEC.
Let that sink in.
While the market was facing one of the bloodiest sell-offs since 2024, an asset manager chose this exact moment to apply for an ETF—not for BTC, not for ETH—but for UNI, a DeFi governance token.
Current price: $3.21, down 13.76% in 24 hours.
Coinbase is named as the custodian. That’s institutional-grade compliance, not a casual experiment.
This timing isn’t random.
The possible logic: file during panic, let the market heal during the approval window. By the time a decision comes, UNI may already be off the bottom. Apply first. Position early.
Zoom out further—if UNI can be ETF-ified, what about AAVE? COMP?
This could be the start of DeFi becoming an investable category for institutions.
Will the SEC approve it? Too early to say.
But the filing itself is a signal: someone is betting on DeFi’s compliance future.
When everyone is selling, someone else is always preparing for the next cycle.
#Bitcoin #DeFi #Uniswap #CryptoETF #MarketCycles
