Winklevoss transfers $67M to Gemini

• Cameron and Tyler Winklevoss transferred about US$67 million of Bitcoin and Ethereum to Gemini wallets, with Arkham Intelligence identifying the activity as matching previous selling patterns.
• The transfers came as Bitcoin and Ethereum remained under pressure from weaker sentiment, ETF outflows and lower price forecasts from Citigroup.
• The transactions add to a series of recent transfers by the twins while both cryptocurrencies continue facing broader market weakness.

Bitcoin (CRYPTO:BTC) and Ethereum (CRYPTO:ETH) worth about US$67 million were transferred by Cameron and Tyler Winklevoss to wallets linked to Gemini, with Arkham Intelligence stating the transactions matched the twins' previous selling pattern, although it did not confirm the assets had been sold.

The transfers included about US$60 million in Bitcoin and US$7 million in Ethereum on July 1, following earlier movements of about US$67.5 million in Bitcoin during June and US$130 million in March as both cryptocurrencies traded under pressure after quarter-end selling.

Arkham Intelligence stated the latest wallet activity was consistent with the twins' previous selloff behaviour, although the blockchain analytics firm said it could not confirm whether the transferred assets had already been sold.

Arkham Intelligence estimates the Winklevoss twins have realised about US$1.7 billion in Bitcoin profits since accumulating the asset in 2015 and still hold more than US$300 million worth of Bitcoin despite the latest transfers.

Bitcoin fell to as low as US$57,747 before recovering to around US$58,600 after Citigroup lowered its 12-month Bitcoin price target to US$82,000 from US$112,000 and reduced its Ethereum forecast to US$2,240 from US$3,175, while June recorded about US$4.5 billion in net outflows from US spot Bitcoin exchange-traded funds.

Ethereum remained near US$1,572 despite treasury purchases by SharpLink, which acquired 10,000 ETH for about US$16.1 million, and Bitmine, which increased its holdings by 27,084 ETH during the past week.

Analyst Ted Pillows said sellers continued to dominate the market and warned that a sustained break below the US$57,000 to US$58,000 range for Bitcoin could expose the cryptocurrency to further downside, while Ethereum continued trading near the US$1,500 support area despite ongoing corporate accumulation.

At the time of reporting, Bitcoin price was $60,328.17.