Arkham Tracks $130M Bitcoin Sent to Gemini Wallets

TLDR

• Arkham Intelligence reported that the Winklevoss twins moved about $130 million in Bitcoin to Gemini hot wallets.
• The transfers involved 1,773 BTC and occurred on March 4 through Winklevoss Capital.
• Bitcoin traded between $67,000 and $68,000 during the transfers before rising above $70,000.
• Arkham stated that the transfers were presumably intended to sell, but the twins have not confirmed the purpose.
• Gemini’s stock rebounded to around $8.71 after falling to $5.82 in late February.

Cameron and Tyler Winklevoss transferred about $130 million in Bitcoin to Gemini hot wallets last week. Arkham Intelligence tracked the movements and linked them to wallets associated with the twins. The transfers occurred as Bitcoin traded near recent highs around $70,720.

Bitcoin Transfers Raise Questions

Arkham Intelligence reported that wallets tagged to the twins sent 1,773 Bitcoin to Gemini hot wallets. The firm stated that the transfers likely signaled sell-side positioning. However, neither Cameron nor Tyler Winklevoss confirmed the purpose of the transfers.

The transactions occurred on March 4 through Winklevoss Capital. Bitcoin traded between $67,000 and $68,000 during the transfers. Later, the asset rebounded and briefly crossed $71,000, according to CoinGecko data.

Arkham wrote on X that the twins moved funds “presumably to sell.” Still, transfers to exchange wallets do not confirm completed spot sales. Traders often treat such moves as potential distribution signals.

Commenters on Arkham’s post suggested other explanations for the activity. They cited possible over-the-counter deals, custody rebalancing, or exchange liquidity needs. The twins have not issued any public statement on the matter.

Arkham estimated that the twins still hold about $764 million worth of Bitcoin. The firm calculated its aggregate Bitcoin profit and loss at roughly $1.8 billion. These figures highlight their continued exposure to the asset.

Gemini Faces Corporate and Market Shifts

Gemini operates as the crypto exchange founded by Cameron and Tyler Winklevoss. In February, the company saw its stock price drop by double digits. The decline followed news that three key executives would leave the firm.

Earlier, Gemini laid off about a quarter of its staff. The company also exited the European and Australian markets. Gemini stated that it would focus on prediction markets and streamline processes using AI.

After the late-February drop, Gemini’s stock rebounded. The price closed at $5.82 on February 20. It later climbed to about $8.71, according to Yahoo Finance data.

Early Bitcoin Holdings and Public Profile

The Winklevoss brothers gained attention after a legal dispute with Mark Zuckerberg over Facebook’s founding. They received a $65 million settlement in 2008. After that, they shifted focus to technology investments.

In 2013, they reportedly purchased about 120,000 Bitcoin at roughly $10 per coin. At that time, the holdings represented about one percent of all Bitcoin in circulation. Their early purchase positioned them among the asset’s high-profile backers.

Winklevoss Capital currently holds over 8,700 Bitcoin. The stash carries an estimated value of $621 million at current prices. The family office also holds about $145 million in Ethereum.

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