While markets focused on Bitcoin’s price swings, Bitwise was quietly working on a new crypto ETF idea tied to Uniswap [UNI]. By registering a Bitwise Uniswap ETF trust in Delaware, the firm is preparing for a possible ETF linked to the protocol. However, there is currently no active SEC review for a Uniswap ETF, nor is there a confirmed timeline for a formal filing. Around the time of the filing, Uniswap was trading at $4.82, up 3.83% over 24 hours. This price move stands out because the broader ETF market is sending mixed signals.