Winklevoss Twins Move $67M in Bitcoin and Ethereum to Gemini as BTC, ETH Face Bearish Pressure

The Winklevoss twins have transferred millions of dollars worth of Bitcoin (BTC) and Ethereum (ETH) to wallets linked to the Gemini crypto exchange, fueling speculation of potential selloffs as the broader cryptocurrency market remains under pressure.

According to blockchain analytics platform Arkham Intelligence, Cameron and Tyler Winklevoss moved approximately $60 million in Bitcoin to Gemini-associated hot wallets on July 1. Arkham noted that similar transfers have historically preceded selling activity by the Gemini co-founders.

Despite the latest transactions, the twins have reportedly generated around $1.7 billion in Bitcoin profits since 2015 and still control more than $300 million worth of BTC.

In a separate transaction, the pair also transferred roughly $7 million in Ethereum (ETH) from custody to Gemini hot wallets. The moves come during a period of heightened uncertainty in the crypto market, with investor sentiment weakened by declining expectations that the Clarity Act will become law this year following President Donald Trump’s disclosure of a $1.4 billion crypto-related windfall.

The latest transfers follow similar activity in recent months. The Winklevoss twins moved $67.5 million in Bitcoin to Gemini in June and another $130 million worth of BTC in March, according to on-chain data tracked by Arkham.

Meanwhile, market sentiment remains bearish for both Bitcoin and Ethereum. Citigroup recently cut its 12-month price targets, lowering its Bitcoin forecast from $112,000 to $82,000 and its Ethereum target from $3,175 to $2,240.

Bitcoin briefly fell to $57,747 over the past 24 hours before recovering to around $58,600. Trading volume increased about 9%, but persistent $4.5 billion in June spot Bitcoin ETF outflows continues to weigh on demand.

Crypto analyst Ted Pillows said sellers remain firmly in control, pointing to Coinbase’s Bitcoin Premium reaching its lowest level of the current market cycle. He warned that if Bitcoin loses the $57,000–$58,000 support zone, the next major downside target could be $50,000.

Ethereum is also struggling, trading near $1,572 after fluctuating between $1,549 and $1,600 during the session. Trading activity has softened, reflecting weaker investor participation.

Market analyst Cheds Trading noted that Ethereum posted its lowest monthly close since 2023 while forming a Red Marubozu candlestick on the monthly chart, a technical pattern often associated with continued bearish momentum. With both leading cryptocurrencies facing selling pressure, traders are closely monitoring whether key support levels can hold in the coming sessions.