Uniswap ETF Bombshell: Bitwise Files for Spot UNI Tracker as Burns Surge and Price Tanks 15%

First position Uniswap ETF tracking UNI price directly, with Coinbase acting as custodian, Bitwise Asset Management filed an S-1 with the SEC on February 5, 2026. Early February saw UNI daily burns reach all-time highs under high protocol charges, but UNI fell about 15% in the previous 24 hours to nearly $3.20.

Overview of ETF Filing

Initially holding UNI tokens without staking or derivatives, the Bitwise Uniswap ETF would produce/redeem shares through authorized participants like spot BTC/ETH funds. This relieves legal routes for DeFi goods following the 2025 SEC decision on Uniswap Labs. Last month, bitwise logged the Delaware trust, pointing toward rapid chase following SEC approvals on bitcoin ETFs.

Burning Procedures

Early February saw accelerated daily burns building on the December 2025 UNIfication proposal that torched 100M UNI (~$596M at $5.96 avg), Uniswap's Fee Switch burns part of trading fees. With over 100 million UNI total burned (~$597 million value), the annualized burn rate is presently above $36 million. High DEX volume is mirrored in this deflationary pressure, yet it hasn't stopped price decreases in light of market weakness.

Price Motions

Despite ETF excitement and burns tied to altcoin caution and BTC dominance, UNI lost $4 billion in market cap daily at 15% and monthly at 50% to roughly 32nd ranking. With $272 million daily, trading volume remains strong, suggesting a probable recovery should mood change.