Patricio Worthalter topped up 4,000 $ETH to Gemini, about $10.79 million.
He is the founder of POAP and a long-established face in the Ethereum community. When such people deposit coins to an exchange, the market’s first reaction is to price in potential sell pressure.
But depositing doesn’t equal selling. Moving coins into an exchange only completes the “can be sold” step; the actual trades that cause a dump haven’t happened yet. There can be a long waiting period in between, or the coins can be withdrawn right away.
What’s worth watching is what happens next: whether these 4,000 coins stay on Gemini to be sold slowly, or are transferred out quickly. Compared with anonymous whales’ transfers, changes in a long-time player’s position have more reference value because he is closer to the ecosystem.
He is the founder of POAP and a long-established face in the Ethereum community. When such people deposit coins to an exchange, the market’s first reaction is to price in potential sell pressure.
But depositing doesn’t equal selling. Moving coins into an exchange only completes the “can be sold” step; the actual trades that cause a dump haven’t happened yet. There can be a long waiting period in between, or the coins can be withdrawn right away.
What’s worth watching is what happens next: whether these 4,000 coins stay on Gemini to be sold slowly, or are transferred out quickly. Compared with anonymous whales’ transfers, changes in a long-time player’s position have more reference value because he is closer to the ecosystem.
