Whale linked to Defiance Capital deposits $4.6M in UNI to exchanges

An anonymous whale, with an address starting with 0xb5E, deposited 1.397 million UNI ($4.6 million) to three exchanges approximately two hours ago, on-chain analyst ai_9684xtpa reported on X. Deposits to exchanges are typically interpreted as a precursor to selling. One of the receiving addresses on Bybit has been previously associated with the DeFi fund Defiance Capital. The analyst added that Defiance Capital is an investor in Aave (AAVE) and LayerZero (ZRO) and is one of the main parties involved in the recent KelpDAO exploit incident.