Winklevoss Twins Move $67M in Bitcoin and Ethereum — Is a Big Sell-Off Coming?

TLDR

• Blockchain analytics firm Arkham Intelligence flagged that the Winklevoss twins transferred $60M in Bitcoin and $7M in Ethereum to Gemini hot wallets on July 1, 2026.
• The pattern matches prior transfer behavior seen in June ($67.5M) and March ($130M), which Arkham has linked to selling activity.
• Citigroup cut its 12-month Bitcoin price target from $112,000 to $82,000, and Ethereum from $3,175 to $2,240.
• Bitcoin briefly fell to $57,747, with analyst warnings of a further drop to $50,000 if key support breaks; Ethereum hit its lowest monthly close since 2023.
• On-chain data from analyst Darkfost shows Bitcoin’s net supply ratio at -0.075, a level historically associated with buying opportunities near market bottoms.

On July 1, 2026, blockchain analytics firm Arkham Intelligence reported that Cameron and Tyler Winklevoss transferred around $60 million worth of Bitcoin and $7 million worth of Ethereum from custody wallets to hot wallets linked to their Gemini crypto exchange. Arkham said the movement matched patterns it has previously observed ahead of sales.

The twins have made similar moves before. In June, they transferred $67.5 million in Bitcoin to Gemini hot wallets. In March, the figure was $130 million. Despite these transfers, Arkham estimates the brothers still hold more than $300 million in Bitcoin, and have made roughly $1.7 billion in total Bitcoin profit since 2015.

It is worth noting that moving assets from cold storage to hot wallets does not confirm a sale. Large holders move crypto for many reasons, including security changes, exchange operations, or liquidity management. No sale has been confirmed.

Bitcoin Price Faces Pressure

The transfers came as Bitcoin was already under pressure. The price dropped to a low of $57,747 in the past 24 hours and was trading near $58,600 at time of reporting. Trading volume was up 9%, but $4.5 billion in net outflows from Bitcoin exchange-traded funds in June kept many investors on the sidelines.

Analyst Ted Pillows noted that sellers are still in control and that the Coinbase Bitcoin premium is at its lowest point this market cycle. He warned that if Bitcoin loses the $57,000 to $58,000 support zone, prices could fall toward $50,000.

Citigroup also lowered its 12-month price forecasts. The bank cut its Bitcoin target from $112,000 to $82,000 and its Ethereum target from $3,175 to $2,240.

Ethereum and On-Chain Signals

Ethereum was trading about 1% lower at $1,572, with an intraday range between $1,549 and $1,600. Analyst Cheds Trading pointed out that Ethereum recorded its lowest monthly close since 2023. The monthly chart has also formed a Red Marubozu pattern, which is typically seen as a bearish signal.

Despite the negative price action, some on-chain data offered a more cautious view. Crypto analyst Darkfost noted that Bitcoin’s net supply ratio, which is built from unspent transaction outputs, dropped to -0.075. He said this level has historically been associated with buying opportunities, and that the last time this reading appeared was near the end of the 2022 bear market.

Darkfost added that Bitcoin could still fall further before buyers step in. However, the reading suggests sellers may be losing momentum.

Market commentator Cryptollica offered a similar take on Ethereum, saying the key issue is whether current market structure can hold. If it does, the current low confidence could eventually support a recovery.

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