Cameron and Tyler Winklevoss moved about $60 million in Bitcoin and $7 million in Ethereum to Gemini-linked hot wallets, according to on-chain data flagged by Arkham Intelligence.
Arkham said the transfer pattern matches a common selling setup, where assets move from custody wallets to hot wallets linked to an exchange. However, on-chain transfers do not confirm that all coins were sold. Wallet movements can also reflect custody changes, liquidity planning, or internal exchange operations.
The transfers came as Bitcoin traded near $58,615, down 1.2%, while Ethereum traded around $1,572, down 0.95%.
Winklevoss Wallets Send BTC and ETH to Gemini
Arkham Intelligence reported on July 1 that wallets linked to the Winklevoss twins transferred $60 million in Bitcoin to hot wallets tied to Gemini. The blockchain analytics firm described the movement as similar to usual selling patterns.
Source: X
The twins also moved about $7 million in Ethereum to Gemini hot wallets, according to the same report. These transfers followed earlier activity, including a reported $67.5 million Bitcoin transfer in June and a $130 million transfer in March.
The Winklevoss twins still hold more than $300 million in Bitcoin, according to the on-chain data, and they have reportedly made about $1.7 billion in BTC gains since 2015.
The latest transfers gained attention because exchange inflows from large holders can add selling pressure, which is at a high with the recent crypto market downturn.
Bitcoin Holds Below $60K as Market Weakens
Bitcoin remained under pressure as the transfer report circulated. At press time, BTC was trading near $58,615 after US-Iran war fears hit the crypto market.
A move below $60,000 has made traders more sensitive to whale activity, exchange deposits, and institutional flows. Large transfers to exchanges often draw scrutiny because they can signal possible selling.
Moreover, this is not the first time large BTC-holding institutions are selling their Bitcoin. According to reports, BlackRock has been selling or redistributing about $5.28 billion worth of Bitcoin over the past two months.
Consequently, such flows have added to the debate over whether institutions are reducing exposure or rebalancing holdings. In addition, as we reported, Strategy, the largest BTC treasury firm, has recently launched a $1.25 billion Bitcoin Monetization Program to sell BTC to fund reserves, dividends, interest payments, or repurchases
Source: Glassnode
With the BTC price dip, Bitcoin's recent weakness has affected investor profitability. Glassnode data has shown about 10.83 million BTC held at a loss, compared with 9.22 million BTC still in profit.
On-Chain Data Shows Buyers Returning
Despite weaker prices, Glassnode data showed long-term Bitcoin holders have started rebuilding positions after a period of distribution. Net position change for long-term holders has moved back into positive territory.
The pace of buying remains modest compared with earlier bull market expansions. However, the shift suggests some experienced holders are using the correction to add exposure rather than exit the market.
Source: Glassnode
The Bitcoin Accumulation Trend Score also moved higher over the past month. Buying activity has become broader across wallet groups, including holders with less than 1 BTC and entities holding between 100 and 1,000 BTC.
Larger groups holding between 1,000 and 10,000 BTC have also turned net buyers, though with less intensity. This creates a mixed market backdrop, with some wallets sending coins to exchanges while others absorb supply.
Amid all this, CryptoQuant CEO Ki Young Ju said Bitcoin may still have another parabolic cycle ahead, but he added that deeper institutional allocation may be needed. He said Bitcoin needs to become a “core macro asset” rather than only a retail-driven ETF trade.
