The Winklevoss twins, Cameron and Tyler Winklevoss, made a massive Bitcoin transfer today. The billionaire founders of Gemini Exchange dumped more than $67 million worth of Bitcoin onto a hot wallet linked to the exchange.
Winklevoss Twins Dump Bitcoin on Gemini Exchange
Data on the string from Arkham Intelligence It shows that the Winklevoss twins have offloaded 1,000 bitcoins, worth approximately $67.5 million, from a Gemini custody to a hot wallet on the exchange.
The transfer, which was very large in size, received attention throughout the cryptocurrency market. It has raised fears of selling amid the latter Bitcoin price collapse.
“Converting to Hot Wallet usually indicates intent to sell,” Arkham stated in a post.
However, neither the Winklevoss twins nor the Geminis have issued a public statement about the purpose of the deal. Therefore, it is not clear whether the funds are used for sales or operational/custodial purposes.
The new deal comes after a series of Bitcoin transfers from the Winklevoss twins during the year. After a long period of inactivity, portfolios attributed to the founders of Gemini appeared Bought 572 BitcoinWith a value exceeding $42 million in April.
For context, the Winklevoss twins’ current holdings in digital assets are around $692 million. Furthermore, Bitcoin makes up the bulk of their holdings, according to data from Arkham. And also blockchain Encryption tools Data shows that the brothers estimate they have made more than $1 billion from long-term Bitcoin positions.
BTC price is facing a decline
The transfer comes at a time when Bitcoin is trading under pressure. Most recently, Bitcoin price fell below the $66,000 level on Wednesday, June 3. The collapse comes in the wake of increasing geopolitical tensions between the United States and Iran after the latter. Pending peace talks.
Comprehensive Crypto market collapse It spurred nearly $1 billion in long Bitcoin liquidations alone. And also, just like the Winklevoss twins move today, Tether disposed of $14 million In BTC on Tuesday. This also affected bearish market sentiment.
