Just-In: Winklevoss Twins Move $67M In Bitcoin To Gemini
Highlights
- Cameron and Tyler Winklevoss have moved $67 million worth of Bitcoin today.
- The BTC stash was dumped on the Gemini exchange, Arkham reports.
- The transaction comes amid the crypto market crash wherein BTC plunged under $66,000.
Winklevoss twins, Cameron and Tyler Winklevoss, have made a massive Bitcoin transfer today. The billionaire founders of the Gemini exchange dumped over $67 million in BTC onto an exchange-related hot wallet.
Winklevoss Twins Dump Bitcoin Onto Gemini Exchange
On-chain data from Arkham Intelligence shows that the Winklevoss twins have offloaded 1,000 Bitcoin, valued at roughly $67.5 million, from Gemini Custody to a hot wallet on the platform.
The transfer, which is quite substantial in size, has garnered attention throughout the crypto market. It has sparked selloff concerns amid the recent BTC price crash.
“Typically, a transfer to an exchange Hot Wallet indicates intent to sell,” Arkham stated in a post.
However, neither the Winklevoss twins or Gemini have given a public statement about what the transaction is meant for. Thus, it is not clear if the money is being used for sales or operational/custodial purposes.
The new transaction comes after a series of Bitcoin transfers from the Winklevoss twins during the year. After a long time of inactivity, wallets attributed to the founders of Gemini bought 572 BTC, valued at over $42 million in April.
For context, the Winklevoss twins’ current holdings of digital assets are approximately $692 million. Moreover, Bitcoin makes up the bulk of their holdings, according to data from Arkham. Also, blockchain crypto tools data shows that the brothers estimate they have made over $1 billion on their long-term Bitcoin positions.
BTC Price Faces Downturn
The transfer comes as Bitcoin is trading under pressure. Recently, the BTC price even fell below the $66,000 mark on Wednesday, June 3. The crash comes in the wake of increased geo-political tensions between the U.S. and Iran after the latter suspended peace talks.
The overall crypto market crash spurred nearly $1 billion in long liquidations for Bitcoin alone. Also, just like the Winklevoss twins’ move today, Tether dumped $14 million in BTC on Tuesday. It further weighed on the bearish market sentiment.
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