An early participant in the Ethereum ecosystem has decided to take profits after leaving their assets dormant for the past six months. An anonymous wallet starting with 0xa2F6 transferred 13,330 ETH worth $36.37 million to the Coinbase exchange today.
The wallet owner is an early backer who purchased 170,000 ETH during Ethereum’s initial coin offering (ICO) at $0.31 per token, investing just $52,700 at the time. Data from analytics platform Lookonchain shows that the total 170,000 ETH holding is now valued at $461.4 million.
Large-scale asset movements also came from another veteran figure. Patricio Worthalter, founder of the Proof of Attendance Protocol (POAP) project, also transferred 4,000 ETH worth $10.79 million to Gemini around the same time.
Closing the POAP Chapter
Worthalter’s move comes two months after his project surrendered to market conditions. On August 3, 2026, POAP officially announced plans to wind down operations after failing to find a sustainable business model to support the company over the long term.
The transfer of thousands of ETH to Gemini does not definitively prove a cash sale has taken place. There has been no confirmation of a liquidation following the exchange deposit - the balance could potentially be utilized for other trading strategies. Worthalter himself still holds 54,967 ETH, valued at around $149 million following the transaction.
This flurry of activity from the two whales unfolded while ETH was trading between $2,729 and $2,730. Weekly technical indicators confirm buyers still dominate the market. The MACD line sits at 115.40, crossing above the signal line at 111.51. The weekly RSI stands at 64.48, signaling a bullish trend without yet crossing into overbought territory.
Glamsterdam Upgrade and October Trends
Market attention is now shifting toward the network’s upcoming upgrade schedule. The Glamsterdam upgrade is confirmed to go live on the Sepolia testnet on October 6, 2026, at precisely 13:53 UTC.
The implementation of this upgrade coincides with historical market momentum. Ethereum has a long track record of posting above-average gains at the start of October. The outflows from an early participant and a project founder ahead of the upgrade provide a clear picture: for large asset holders, holding cash is sometimes seen as a safer bet than waiting on technical execution.
Reported by crypto.news.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
