Cameron and Tyler Winklevoss were seen transferring approximately $60 million worth of Bitcoin and $7 million worth of Ethereum to Gemini-connected hot wallets. Arkham Intelligence, which tracks on-chain data, noted that these movements resemble a common pattern before the stock market sells. However, wallet movements alone do not indicate that the sale is final.
Wallet movements attracted attention
In its assessment dated July 1, Arkham Intelligence noted that transfers from wallets associated with the Winklevoss brothers to Gemini hot wallets resembled ordinary sales preparations. However, such transactions may not only be for sales purposes. Changes in custody order, liquidity planning or in-exchange operations can also lead to similar movements.
The Winklevoss brothers are among the founders of the US-based cryptocurrency exchange Gemini. The latest transfers follow the $67.5 million Bitcoin movement reported in June and the $130 million transfer recorded in March.
Arkham Intelligence emphasized that the transfer pattern was similar to the typical selling pattern directed towards exchange-linked hot wallets, but that on-chain data does not confirm that all assets were sold.
The debate on selling pressure in the market has grown
These movements have again highlighted concerns that the assets sent by large investors to the stock exchanges may increase the selling pressure. While Bitcoin was trading at $58,615 at the time of writing, it decreased by 1.2% in the last 24 hours. Ethereum is at $ 1,572 and decreased by 0.95%.
Bitcoin’s decline below $60,000 has made investors more sensitive to whale movements, stock market entries and institutional flows. Transfers of large amounts are monitored more closely as a possible sell signal, especially during weak market periods.
According to on-chain data, the Winklevoss brothers still continue to hold over $300 million worth of Bitcoin. The same data indicates that the duo has gained approximately $1.7 billion in Bitcoin positions since 2015.
Institutional flows and investor behavior have diverged
Similar discussions continue on the corporate side. Information was shared that BlackRock sold or redistributed approximately $5.28 billion worth of Bitcoin in the last two months. Additionally, major Bitcoin treasury company Strategy has launched a $1.25 billion Bitcoin cash-out program for reserves, dividends, interest payments or buybacks.
This picture raises the question of whether institutions reduce their risks or simply establish portfolio balance. While on the one hand, some large wallets are sending assets to the exchanges, on the other hand, it seems that different investor groups are meeting the supply.
Long-term investors returned to buying again
Glassnode data revealed that the weakness in prices also affected investor profitability. While the amount of Bitcoin held in loss increased to 10.83 million BTC, the amount in profit remained at 9.22 million BTC.
On the other hand, it was observed that long-term Bitcoin investors started to accumulate positions again after the distribution period. Net position change has moved into positive territory again. Although the buying pace remains more limited than in previous bull periods, this trend indicates that some experienced investors see the correction as an accumulation area rather than an exit opportunity.
CryptoQuant CEO Ki Young Ju thinks a new parabolic cycle in Bitcoin is still possible, but only if the asset becomes a core macro asset and not just limited to individual investor and ETF transactions.
