Wallets linked to Gemini co-founders Cameron and Tyler Winklevoss moved 1,000 BTC worth about $67.5 million from Gemini Custody to a Gemini-linked hot wallet on June 3, according to on-chain data from Arkham Intelligence. The transfer landed as Bitcoin briefly dropped below $66,000, putting trader attention on whether the coins were being positioned for a sale.
Hot wallet transfer draws close market watch
Arkham said in a June 3 post on X that transfers to exchange hot wallets are commonly viewed as a sign that assets could be getting prepared for sale. Still, Arkham had not flagged any completed sale by press time. Gemini and the Winklevoss twins had also not commented publicly on the reason for the move, leaving room for other explanations such as custody management, liquidity needs, or exchange operations.
The June transfer adds to earlier Bitcoin movements tied to the Gemini founders. In March, the twins moved roughly $130 million in Bitcoin to exchange wallets over the course of a week, with those transfers also believed to be connected to Gemini hot wallets.
Arkham data points to a $692 million crypto portfolio
Arkham’s data indicates the Winklevoss twins currently hold digital assets worth around $692 million, with Bitcoin making up most of that total. Large on-chain transfers by long-term holders tend to attract added scrutiny during weak market conditions, especially when funds move toward exchange infrastructure. The transaction does not confirm imminent selling, but it raises the level of attention quickly.
Gemini has been active on other fronts as well. Last week, the exchange launched Command Center, a Grok-powered feature for its prediction markets platform. Gemini said the product builds personalized market feeds based on users’ open positions, watchlists, and past prediction market activity.
Bitcoin slips under $66,000 as liquidations pass $1 billion
Bitcoin remained under pressure across global markets on June 3. After falling below $66,000, it recovered modestly and was trading near $67,100 at press time, down about 4.5% over the previous 24 hours. The report tied the broader risk-off reaction to renewed military exchanges between the United States and Iran, which added to concerns over a longer regional conflict.
Derivatives markets intensified the move. More than $1 billion in bullish Bitcoin positions were liquidated as leveraged long traders were forced out, and selling spread across the wider crypto market. On the same day, blockchain data also showed Tether moved roughly $14 million in Bitcoin to an exchange-linked wallet. The purpose of that transfer was not disclosed, but it drew attention from traders already tracking large BTC movements for possible sell signals.
Gemini also picked up a regulatory win recently. A filing submitted in federal court last week showed that the U.S. Commodity Futures Trading Commission and Gemini jointly asked to remove a previously agreed $5 million settlement tied to the exchange’s proposed Bitcoin futures contract. According to the filing, the CFTC concluded after review that the case would not have been pursued under its current enforcement standards, and that keeping the remaining settlement provisions was not in the public interest.