UNI Rallies as Crypto Traders Await First Fed Decision Under Warsh

Uniswap’s UNI token rose another 20% over 24 hours, standing out in an otherwise softer crypto market ahead of the Federal Open Market Committee’s interest-rate decision under new Fed Chair Kevin Warsh. Bitcoin fell below $65,000 after trading near $67,000 a day earlier, while the CoinDesk 20 Index declined 1.2% since midnight UTC, with most tokens in the index lower.

The Fed decision matters because crypto traders are looking for signals on how Warsh frames inflation and future policy, even though markets are pricing in no rate change at this meeting. Laser Digital said expectations for rate hikes are already priced in through 2027, shifting attention to Warsh’s press conference and how he handles questions about the central bank’s communications and forecasting approach.

UNI’s move was tied to a bullish Standard Chartered report from June 15. The bank’s digital assets head, Geoff Kendrick, initiated coverage with a $100 target for 2030 and projected a path through $6.50 by year-end, arguing that tokenized real-world assets could push more trading activity into DeFi and make Uniswap important market infrastructure.

The source also pointed to token-specific fundamentals behind UNI’s rally. Uniswap’s fee switch, live since late 2025, directs part of trading fees toward buying back and burning UNI, and has removed about 106 million tokens, more than 10% of supply. Tokenized stocks launched on the protocol earlier this month have already generated more than $9.1 billion in swaps through real-world-asset pools.

Derivatives data suggested the wider market was cautious rather than disorderly. Crypto futures volume fell 20% in 24 hours to $165 billion, open interest slipped 2.3% to $110 billion and liquidations dropped 44% to roughly $310 million. Bitcoin’s 30-day implied volatility hovered near an annualized 39%, close to its lowest level since June 2, while options activity showed BTC puts leading 24-hour volume rankings.