The recent UNI market movement has really confused a lot of people.

The positive news of destroying 100 million tokens was right in front of us, but a whale suddenly dumped $23.41 million worth of chips and exited. The community immediately exploded—some shouted "good news is all bad news," while others panicked, "Is there a black swan we can't see?"

But from on-chain data, this is not a bearish signal at all.

Let's look at some key points first. The whale's cost basis is about $4.20, and this time they cleared out, making a profit of $23.415 million. Taking profits is normal operation, and it doesn't necessarily mean a pessimistic outlook for the future. More importantly, the chips sold didn't just disappear—they were picked up by several medium-sized main accounts. On-chain capital flow data is very clear: the chips are actually concentrating into the hands of large players.

Currently, UNI's price is stuck at the critical point of $6.112, and the $6.2 level has been tested three times without breaking through. Many retail investors are a bit confused, thinking "resistance is too strong, it might not go up anymore."

But there's a basic principle to understand: multiple failed attempts to break through in the crypto market often don't mean it's impossible to break. Instead, it could be that the main players are deliberately creating pressure to fake out retail investors and shake out cheap chips. Just like the market trend in 2023, the more it seems stuck at a certain level, the more likely the big players are to be manipulating it here.

The positive news of destruction + concentrated chips + bullish layout—when these factors stack up, just imagine the potential space ahead. The key is not to be scared off by short-term emotional fluctuations.