Cameron and Tyler Winklevoss have transferred millions of dollars in Bitcoin and Ethereum to wallets connected to the Gemini cryptocurrency exchange, according to blockchain analytics platform Arkham Intelligence.
Arkham described the transactions as potential selling activity. However, transferring cryptocurrency to an exchange does not always confirm that the assets have already been sold.
The transactions occurred while Bitcoin and Ethereum continued to face pressure amid weaker cryptocurrency market sentiment.
Winklevoss Twins Transfer $60 Million in Bitcoin
Arkham Intelligence reported on July 1 that wallets associated with the Winklevoss twins transferred approximately $60 million worth of Bitcoin to Gemini hot wallets.
The analytics company said the transactions resembled patterns commonly associated with selling. The Bitcoin could be sold, used to provide exchange liquidity or moved for another operational purpose.
Cameron and Tyler Winklevoss have reportedly generated around $1.7 billion in Bitcoin profits since 2015. Despite the latest transfers, they are believed to continue holding more than $300 million worth of BTC.
Ethereum Also Moves to Gemini Wallets
The twins also transferred approximately $7 million in Ethereum from custody wallets to Gemini hot wallets.
The transactions arrived during a period of weakness across the wider crypto market. Bitcoin and Ethereum prices have both declined as investors react to institutional outflows, regulatory uncertainty and concerns about future monetary policy.
The transfers also followed a decline in expectations that the CLARITY Act will become law this year.
Market uncertainty increased after President Donald Trump disclosed substantial income connected to cryptocurrency ventures, adding further attention to proposed ethics provisions within the legislation.
Previous Bitcoin Transfers Raise Selling Concerns
The latest transactions were not the first major cryptocurrency movements connected to the Winklevoss twins in 2026.
In June, they transferred approximately $67.5 million worth of Bitcoin to hot wallets associated with Gemini.
They also moved around $130 million in Bitcoin during March.
Repeated transfers to an exchange may indicate preparations to sell. However, on-chain data alone cannot always determine the final purpose of a transaction.
Citi Cuts Bitcoin and Ethereum Price Targets
The transfers came as Citigroup lowered its 12-month forecasts for Bitcoin and Ethereum.
The bank reduced its Bitcoin price target from $112,000 to $82,000. It also cut its Ethereum forecast from $3,175 to $2,240.
These revisions reflected growing concerns about weaker demand, institutional outflows and continued selling pressure across the cryptocurrency market.
Bitcoin Price Falls Below $58,000
Bitcoin dropped to a 24-hour low of approximately $57,747 before recovering toward $58,600.
Trading volume increased by around 9% during the same period. However, approximately $4.5 billion in net outflows from spot Bitcoin exchange-traded funds during June continued to weigh on investor confidence.
Crypto analyst Ted Pillows said sellers remained in control of the market. He also noted that the Coinbase Bitcoin Premium had fallen to its lowest level of the current cycle.
The Coinbase Premium measures the difference between Bitcoin prices on Coinbase and other major exchanges. A weaker premium can indicate reduced demand from U.S.-based investors.
Bitcoin Risks a Drop Toward $50,000
The area between $57,000 and $58,000 is now being closely watched as an important support zone.
According to the analyst, a decisive move below that range could expose Bitcoin to a deeper decline toward $50,000.
However, the outcome will depend on whether buyers return near current levels and whether institutional demand begins to recover.
ETF flows, economic data and Federal Reserve policy expectations may also influence Bitcoin’s next major move.
Ethereum Records Weak Monthly Close
Ethereum was trading near $1,572 after declining by around 1% during the day.
The cryptocurrency recorded an intraday low of approximately $1,549 and a high near $1,600. Trading activity also weakened over the previous 24 hours.
Analyst Cheds Trading noted that Ethereum had recorded its lowest monthly closing price since 2023.
The monthly chart also reportedly formed a red Marubozu candlestick. This pattern appears when an asset experiences strong selling throughout a trading period and can indicate continued bearish momentum.
Crypto Investors Monitor Further Selling Pressure
The movement of Bitcoin and Ethereum into Gemini wallets has increased concerns that the Winklevoss twins may be reducing part of their cryptocurrency exposure.
Still, the transfers should not be treated as confirmed sales unless additional transaction data supports that conclusion.
Bitcoin’s ability to defend the $57,000 to $58,000 support area will be important for short-term market sentiment. Ethereum must also regain momentum above recent resistance levels to reduce the risk of further losses.
For now, investors are closely monitoring exchange inflows, ETF activity and institutional demand for signs that the cryptocurrency market may stabilize.
