POAP Founder Sends 18,000 ETH to Gemini, Signalling Sell Pressure
POAP founder @worthalter has increased his ETH transfers to Gemini. An earlier report said he moved 8,000 ETH, worth about $20.81 million, over six days and held 51,468 ETH. A later update put the total transferred at 18,000 ETH, worth about $45.86 million, over nine days from October 5. He reportedly also sold 10,000 ETH, valued at about $25.05 million, and his wallet held 41,500 ETH, worth roughly $104 million, at the time of the report. These ETH transfers and reported sales may add short-term selling pressure, but deposits to an exchange do not confirm that all transferred ETH has been sold. Traders may watch for further deposits and ETH price movements.
Bearish
The later report describes a larger cumulative transfer to Gemini than the earlier update, along with a reported sale of 10,000 ETH. This may raise traders’ expectations of additional ETH supply and create short-term downward pressure, particularly if the transfers are followed by confirmed sales or coincide with weakening market conditions. However, exchange deposits alone do not establish that the ETH was sold, and the reported wallet balance of 41,500 ETH does not by itself indicate an immediate sale. The price impact may therefore be limited or temporary unless further on-chain activity and market data confirm sustained selling. Over the longer term, traders are more likely to focus on broader ETH demand, liquidity and market trends than on a single holder’s transfers.