Winklevoss twins move $67M in bitcoin to Gemini as selloff fears mount

Winklevoss twins moved 1,000 bitcoin worth $67 million to a Gemini exchange hot wallet, Arkham Intelligence data shows.

"The transfer from Gemini Custody to an exchange-linked hot wallet typically indicates an intent to sell," Arkham Intelligence said in a post.

The brothers hold about $692 million in digital assets, with bitcoin making up the bulk of their portfolio, according to Arkham. They have realized more than $1 billion in profit on long-term bitcoin positions.

The transfer comes as bitcoin fell below $66,000 on Wednesday, June 3, amid heightened geopolitical tensions between the US and Iran. The broader crypto market rout triggered nearly $1 billion in long liquidations across exchanges.

The Winklevoss twins, who co-founded the Gemini exchange in 2014, have been among the most prominent billionaire holders of bitcoin. Their wallets had been largely inactive for extended periods before a series of transfers earlier this year. In April, they acquired 572 BTC valued at over $42 million.

The move also follows a separate development involving Gemini's regulatory standing. CFTC Chairman Michael Selig said last week the agency was correcting a flawed enforcement action against Gemini, alleging the exchange was politically targeted under the Biden administration. The CFTC asked a federal judge to vacate a January 2025 order that included a $5 million penalty and an injunction barring the company from making false statements to the regulator.

Bitcoin's decline below $66,000 comes as the broader risk-off mood weighs on digital assets. The token's next support level sits near $64,000, a zone that has held since mid-May, while resistance remains at $68,000. Open interest across bitcoin futures fell 4% in the past 24 hours, reflecting reduced leverage appetite as traders de-risk.

This article is for informational purposes only and does not constitute investment advice.