On-chain data flagged by Arkham Intelligence shows that wallets linked to Cameron and Tyler Winklevoss moved approximately $60 million in Bitcoin and $7 million in Ethereum to hot wallets associated with the Gemini exchange. Arkham noted the transfer pattern aligns with a typical selling setup, where assets move from custody wallets to exchange-linked hot wallets, though the transfers themselves do not confirm outright sales and could also represent custody changes, liquidity planning, or internal operations.
The activity emerged as Bitcoin traded near $58,615, down 1.2%, and Ethereum around $1,572, down 0.95%, during a period of heightened market sensitivity. The Winklevoss twins still hold over $300 million in Bitcoin and have reportedly realized about $1.7 billion in BTC gains since 2015. This is not their first large-scale move: in June they shifted $67.5 million in BTC and in March a separate $130 million transfer was reported.
Large exchange inflows from notable holders can add selling pressure, especially with Bitcoin struggling below the $60,000 level amid US-Iran war fears and broader institutional repositioning. Recent reports indicate BlackRock sold or redistributed roughly $5.28 billion worth of Bitcoin over two months, while Strategy (formerly MicroStrategy) launched a $1.25 billion Bitcoin Monetization Program to sell BTC for funding reserves, dividends, or repurchases.
Despite this, Glassnode data shows long-term Bitcoin holders have begun to accumulate again after a distribution phase. Net position change for long-term holders has turned positive, and the Bitcoin Accumulation Trend Score has improved across wallet sizes. However, around 10.83 million BTC are currently held at a loss compared to 9.22 million BTC in profit. CryptoQuant CEO Ki Young Ju suggested Bitcoin may experience another parabolic cycle but stressed that deeper institutional allocation, moving beyond retail-driven ETF trades, is necessary for Bitcoin to become a core macro asset.
