Winklevoss twins moved $60M BTC and $7M ETH to Gemini hot wallets, mirroring prior sale patterns. Bitcoin tests $57k support; analysts flag $50k risk if broken.
Blockchain surveillance firm Arkham Intelligence reported on July 1 that Cameron and Tyler Winklevoss moved roughly $60 million in Bitcoin and $7 million in Ether from cold storage wallets to hot wallets on Gemini, the exchange they founded. The transfer pattern matches moves that preceded prior liquidation events, Arkham said.
The twins have made similar transfers before. In June, they moved $67.5 million in Bitcoin to Gemini hot wallets. In March, the amount was $130 million. Despite these transfers, the Winklevosses still hold more than $300 million in Bitcoin, according to Arkham. No sale has been confirmed.
The transfers occurred as Bitcoin faced downward momentum. The cryptocurrency hit an intraday low of $57,747 and traded near $58,600. Volume rose 9%. Bitcoin ETFs saw $4.5 billion in cumulative net withdrawals through June, ETF flow data show, curbing institutional demand.
Analyst Ted Pillows said sellers remain in control. The Coinbase Bitcoin premium indicator fell to its lowest level in the current market cycle. If Bitcoin cannot hold the $57,000 to $58,000 support zone, downside risk could extend to $50,000, Pillows said.
Citigroup cut its 12-month Bitcoin price target to $82,000 from $112,000 and reduced its Ether target to $2,240 from $3,175.
Ether traded near $1,572, down 1% on the day. Analyst Cheds Trading noted that Ether closed the previous month at its lowest level since 2023. The monthly candlestick formed a Red Marubozu pattern, a bearish continuation signal.
A contrary metric emerged. Bitcoin's net supply ratio, based on unspent transaction output data, fell to -0.075, analyst Darkfost said. That level has historically coincided with accumulation zones, including near the end of the 2022 bear market. Selling pressure may be approaching exhaustion, though additional downside is possible before buyers step in, Darkfost said.
Market observer Cryptollica said the key question is whether Ether's support levels can hold. If they do, the current low confidence could set the stage for a recovery.
Prepared with AlphaScala research tooling and grounded in primary market data: live prices, fundamentals, SEC filings, hedge-fund holdings, and insider activity. Each story is checked against AlphaScala publishing rules before release. Educational coverage, not personalized advice.