Cameron and Tyler Winklevoss transferred approximately $60 million in Bitcoin and $7 million in Ethereum to Gemini-linked hot wallets, according to on-chain data flagged by Arkham Intelligence on July 1. Arkham stated the transfer pattern resembles a common selling setup, where assets move from custody wallets to exchange-linked hot wallets, though on-chain transfers do not confirm actual sales occurred. The transfers took place as Bitcoin traded near $58,615, down 1.2%, and Ethereum around $1,572, down 0.95%, amid broader crypto market weakness.
Winklevoss Wallets Transfer $60M Bitcoin and $7M Ethereum 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, though wallet movements can also reflect custody changes, liquidity planning, or internal exchange operations.
The twins also moved approximately $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 on-chain data. They have reportedly generated approximately $1.7 billion in Bitcoin gains since 2015. The latest transfers gained attention because exchange inflows from large holders can add selling pressure during market downturns.
Bitcoin Trades Below $60K Amid Market Pressure
Bitcoin remained under pressure as the transfer report circulated. At press time, BTC was trading near $58,615 after US-Iran war fears affected 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 activity. BlackRock has reportedly sold or redistributed approximately $5.28 billion worth of Bitcoin over the past two months. Strategy, the largest Bitcoin treasury firm, recently launched a $1.25 billion Bitcoin Monetization Program to sell BTC to fund reserves, dividends, interest payments, or repurchases.
Bitcoin's price weakness has affected investor profitability. Glassnode data showed approximately 10.83 million BTC held at a loss, compared with 9.22 million BTC still in profit.
Long-Term Bitcoin Holders Resume Accumulation
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, though the pace of buying remains modest compared with earlier bull market expansions.
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.
CryptoQuant CEO Ki Young Ju stated Bitcoin may still have another parabolic cycle ahead, but 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.
FAQ
What did the Winklevoss twins transfer to Gemini on July 1?
Cameron and Tyler Winklevoss transferred approximately $60 million in Bitcoin and $7 million in Ethereum to Gemini-linked hot wallets, according to on-chain data flagged by Arkham Intelligence on July 1. The transfer pattern resembles a common selling setup, though on-chain transfers do not confirm that actual sales occurred.
How much Bitcoin do the Winklevoss twins still hold?
The Winklevoss twins still hold more than $300 million in Bitcoin, according to on-chain data. They have reportedly generated approximately $1.7 billion in Bitcoin gains since 2015.
What does on-chain data show about Bitcoin buyer activity?
Glassnode data showed long-term Bitcoin holders have started rebuilding positions, with net position change moving back into positive territory. The Bitcoin Accumulation Trend Score also moved higher over the past month, with buying activity becoming broader across wallet groups including holders with less than 1 BTC and entities holding between 100 and 1,000 BTC.
