Looking at the UNI chart, that feeling is indeed uncomfortable. A while ago, it could rally a few small bullish candles to attract attention, but then it quickly fell below support levels. Many friends who bought the dip probably had their morale shattered.

But is this recent decline really just due to a bad market? Not necessarily. As an observer who has been active in the crypto market for years, I decided to analyze UNI's data in detail, and you'll find that the issue isn't that simple.

**The Logic Behind the Data**

Currently, UNI has a total supply of 890 million tokens, with a circulating supply of 630 million tokens. There's a detail many overlook: the 100 million tokens that were heavily promoted as burned, along with subsequent continuous burn operations, are all categorized under "not circulating" data.

It sounds fine, but the problem lies right here. Burning is usually seen as a positive signal, reducing circulating supply. However, the clever part of UNI's operation is that — the burns are hidden within the "not circulating" data, and the market's expectation of a "genuine decrease in circulating supply" hasn't actually happened. The 630 million tokens in circulation remain, while the burned tokens on paper are now considered "potential future circulating" data, which doesn't solve the current supply and demand imbalance.

**Supply and Demand Are the Key**

From another perspective, this is like delaying the problem rather than solving it. The burn data looks impressive, but it's tucked away in an off-balance sheet, so its effect on easing current market pressure is minimal. What truly suppresses the price is the persistent 630 million tokens in circulation and the underlying supply expectations.