Blockchain intelligence firm Arkham reported that Cameron and Tyler Winklevoss moved approximately $130 million worth of Bitcoin (1,773 BTC) to hot wallets associated with their cryptocurrency exchange, Gemini. The transfers occurred on March 4 through Winklevoss Capital, while Bitcoin was trading between $67,000 and $68,000. The price later rebounded, briefly crossing the $71,000 mark.
Arkham stated on social media platform X that the funds were moved "presumably to sell," a move traders often interpret as a potential signal for distribution or selling pressure. However, the firm and other commentators noted that transfers to exchange wallets do not confirm completed spot sales, and alternative explanations such as over-the-counter deals, custody rebalancing, or exchange liquidity needs are possible. The Winklevoss twins have not publicly confirmed the purpose of the transfers.
The report highlights the twins' significant remaining Bitcoin holdings. Arkham estimates they still hold roughly $764 million worth of Bitcoin, with an aggregate profit and loss on their Bitcoin investments calculated at approximately $1.8 billion. The twins, early and high-profile Bitcoin investors, reportedly purchased around 120,000 BTC in 2013 when the price was about $10 per coin, representing roughly 1% of the circulating supply at the time.
The news comes amid corporate shifts for Gemini. The exchange recently saw its stock price drop in late February after news that three key executives were leaving, following earlier layoffs of about a quarter of its staff and exits from European and Australian markets. Gemini's stock subsequently rebounded from a close of $5.82 on February 20 to around $8.71.
