The Winklevoss twins have transferred about $67 million worth of Bitcoin and Ethereum to Gemini wallets, with Arkham Intelligence identifying the transactions as matching their usual selling pattern.
Summary
- Arkham Intelligence flagged the Winklevoss twins’ $67 million Bitcoin and Ethereum transfers to Gemini as matching previous selloff patterns.
- Bitcoin remains under pressure as Citigroup cuts its price target and ETF outflows continue weighing on market sentiment.
- Ethereum holds near key support despite continued treasury purchases from SharpLink and Bitmine failing to offset whale selling.
According to blockchain analytics firm Arkham Intelligence, Cameron and Tyler Winklevoss moved roughly $60 million in Bitcoin (BTC) and another $7 million in Ethereum (ETH) from custody to hot wallets linked to the Gemini crypto exchange on July 1. Arkham characterized the transfers as consistent with the twins’ previous selloff behavior, although the firm did not confirm that the assets had already been sold.
The latest transfers come as Bitcoin and Ethereum continue trading under pressure following quarter-end selling and persistent weakness in investor sentiment. Recent price declines have also coincided with reduced expectations that the CLARITY Act will pass this year after U.S. President Donald Trump disclosed a $1.4 billion crypto-related windfall, a development some market participants have linked to shifting legislative expectations.
Since accumulating Bitcoin in 2015, the Winklevoss twins have realized about $1.7 billion in profit, according to Arkham Intelligence. Despite the latest transfers, they still control more than $300 million worth of Bitcoin. The July movement also follows earlier transfers to Gemini, including about $67.5 million in Bitcoin during June and another $130 million moved in March.
Bitcoin continues to face selling pressure
Citigroup has turned more cautious on the two largest cryptocurrencies, lowering its 12-month Bitcoin price target to $82,000 from $112,000 while reducing its Ethereum forecast to $2,240 from $3,175.
Bitcoin fell as low as $57,747 over the past 24 hours before recovering to trade near $58,600. Trading volume rose about 9% during the same period, while June recorded roughly $4.5 billion in net outflows from U.S. spot Bitcoin exchange-traded funds, adding to the pressure on market sentiment.
Commenting on current market conditions, crypto analyst Ted Pillows wrote, “Sellers are still dominating, while Coinbase Bitcoin Premium is at its lowest level this cycle.” He added that losing the $57,000-$58,000 support region could expose Bitcoin to a deeper decline toward the $50,000 level.
Ethereum buyers continue accumulating despite weakness
Ethereum has also remained under pressure even as several companies continue adding the asset to their corporate treasuries. As previously reported by crypto.news, quarter-end selling, whale distribution, and weak institutional flows have kept Ether pinned near the $1,500 support area despite ongoing buying from public companies.
Corporate accumulation has nevertheless continued. SharpLink recently disclosed the purchase of another 10,000 ETH at an average price of $1,611, spending about $16.1 million to expand its treasury.
Separately, Bitmine acquired 27,084 ETH over the past week, increasing its holdings to more than 5.7 million ETH. According to crypto.news, those purchases have so far failed to offset continued selling by whales and institutional investors.
Ether was trading around $1,572 at the time of writing, down about 1% over the past 24 hours after moving between an intraday low of $1,549 and a high of $1,600. Trading volume also declined during the session.
Crypto.news reported earlier today that the $1,500-$1,510 region remains Ethereum’s most important support zone. A break below that level would invalidate the current consolidation structure and could open the door to declines toward $1,400 before attention turns to the $1,200 area identified by several market participants.
