Winklevoss twins move $67M Bitcoin as BTC selloff fears mount

Winklevoss twins have transferred 1,000 Bitcoin worth about $67.5 million to a Gemini-linked hot wallet, drawing attention as Bitcoin trades near multi-month lows amid escalating market pressure.

According to on-chain data from Arkham Intelligence, wallets associated with Gemini co-founders Cameron and Tyler Winklevoss moved the Bitcoin from Gemini Custody to a hot wallet connected to the exchange on June 3.

The transaction arrived as Bitcoin briefly slipped below $66,000, with investor sentiment deteriorating after renewed military exchanges between the United States and Iran intensified concerns about a prolonged regional conflict and disrupted already fragile peace negotiations. 

In its June 3 X post, Arkham noted that transfers to exchange hot wallets are commonly interpreted as a sign that assets could be prepared for sale.

As of press time, Arkham has not notified of any sales. Neither Gemini nor the Winklevoss twins have publicly commented on the purpose of the transfer, leaving open the possibility that the funds were moved for custody, liquidity, or operational reasons.

The latest movement adds to a series of notable Bitcoin transactions linked to the Gemini founders this year. Earlier in March, crypto.news reported that the twins transferred roughly $130 million worth of Bitcoin to exchange wallets over the span of a week, with the transfers believed to be linked to Gemini hot wallets.

Exchange-linked transfer raises fresh market scrutiny

Data from Arkham indicates that the Winklevoss twins currently hold digital assets worth around $692 million, with Bitcoin accounting for the majority of those holdings.

Large transfers involving long-term Bitcoin holders often attract attention during periods of market weakness, particularly when assets move toward exchange infrastructure. While such transactions do not necessarily signal immediate selling activity, Arkham’s characterization of hot wallet transfers as potential sell signals has fueled speculation among traders.

The move also comes during a period of heightened activity at Gemini. Last week, the exchange introduced Command Center, a Grok-powered feature for its prediction markets platform. Gemini said the tool creates personalized market feeds using users’ open positions, watchlists, and previous prediction market activity.

Alongside product expansion efforts, Gemini has also received favorable regulatory developments in recent days.

As reported by crypto.news, a filing submitted in federal court last week showed that the U.S. Commodity Futures Trading Commission and Gemini jointly requested the removal of a previously agreed $5 million settlement tied to the exchange’s proposed Bitcoin futures contract.

According to the filing, the CFTC concluded after reviewing the matter that the case would not have been pursued under its current enforcement standards and that maintaining the remaining provisions of the settlement was not in the public interest.

Bitcoin selloff deepens as liquidations top $1 billion

Meanwhile, Bitcoin (BTC) remained under pressure across global markets, falling below the $66,000 level on June 3 before recovering slightly.

The bellwether was trading near $67,100 at press time, down roughly 4.5% over the previous 24 hours after renewed military exchanges between the United States and Iran triggered a broad risk-off reaction across financial markets. The decline extended Bitcoin’s losses after it previously broke below key support levels near $72,000 and $68,000.

Derivatives markets compounded the decline, with more than $1 billion worth of bullish Bitcoin positions liquidated as leveraged traders were forced to exit their longs. The selling soon spread across the wider crypto market, driving total liquidations even higher and accelerating the risk-off move.

At the same time, blockchain data showed Tether transferred roughly $14 million worth of Bitcoin to an exchange-linked wallet on Tuesday. While the purpose of the transaction was not disclosed, the move drew attention from market participants already monitoring large Bitcoin transfers for signs of potential selling activity.