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The crypto market saw a notable development on February 6, 2026, as Bitwise Asset Management filed a Form S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) on February 5, 2026, to launch the Bitwise Uniswap ETF. This marks the first formal attempt to create a spot ETF directly tracking Uniswap’s governance token (UNI), providing regulated exposure through traditional brokerage accounts. The proposed trust would hold UNI tokens as its primary asset, with Coinbase Custody as custodian, aiming to reflect UNI’s spot price performance minus fees and expenses.
The filing highlights growing institutional interest in DeFi products, following Bitwise’s earlier Delaware statutory trust registration in late January 2026 and amid a more favorable regulatory environment post-SEC probes into Uniswap Labs. Approval could take months, involving SEC review and potential amendments (e.g., staking features).
Despite the bullish institutional signal, UNI faced heavy selling pressure amid broader market weakness. The token dropped sharply—reports indicate 13–17% declines in the past 24 hours—from levels around $4+ to lows near $3.15–$3.22 (trading around $3.20 in many updates). This underperformed peers like Bitcoin and Ethereum, driven by profit-taking, leveraged unwinds, altcoin caution, and spillover from the ongoing crypto downturn (e.g., Bitcoin’s dip and massive liquidations). Notably, Uniswap’s on-chain metrics remained strong, with daily token burns hitting records and surging fees/activity, yet price action reflected extreme fear sentiment.
The move signals potential future DeFi ETF waves but underscores regulatory hurdles and short-term volatility risks for altcoin-linked products.
**Key takeaways**
– Bitwise filed S-1 for the first spot Uniswap ETF on February 5, 2026, pending SEC approval.
– UNI plunged 13–17% (to ~$3.15–$3.22), hit by broader bearish pressure despite strong fundamentals.
– Institutional DeFi interest rises, but altcoins remain volatile amid market rout.
– Monitor SEC process and macro triggers for potential swings.
Investors should exercise caution, prioritize risk management, and view this as a long-term catalyst amid current turbulence.
