Winklevoss Twins Move $130M Bitcoin while Gemini Launches US Prediction Markets

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The founders of crypto exchange Gemini, Cameron and Tyler Winklevoss, transferred roughly $130 million worth of Bitcoin to Gemini hot wallets over the past week, according to blockchain analytics platform Arkham.

Last December, Gemini began offering prediction markets across the United States after receiving a Designated Contract Market license from the Commodity Futures Trading Commission.

The product, launched through its subsidiary Gemini Titan, allows users to trade yes-or-no contracts on events such as Bitcoin price movements and regulatory outcomes. Gemini first applied for the license in March 2020, completing a regulatory review that lasted more than five years.

Gemini Wallet Moves Hint Potential Selling

Arkham said in a tweet that the transfers originated from wallets it had identified as belonging to the twins. The platform noted the moves were made “presumably to sell,” as Bitcoin trades near local highs.

Bitcoin is currently trading around $70,720, up 4.4% on the day, according to CoinGecko data.
The Winklevosses have not publicly confirmed the purpose of the transfers. Wallet movements to exchange-linked addresses are often seen by traders as potential signals of selling, but they do not confirm completed spot sales.

Some commenters on Arkham’s post suggested the transfers may have been intended to support OTC trades, rebalance custody, or provide liquidity for the exchange.

Twins’ Bitcoin Profits Total $1.8B

Arkham estimated the twins still hold about $764 million in Bitcoin, with an aggregate profit-and-loss of around $1.8 billion. The figures highlight the scale of their early positioning despite recent transfers.

In September, Tyler Winklevoss predicted that Bitcoin could “easily” trade at 10x its then-current value of $116,000.
source: https://www.tradingview.com/news/financemagnates:54a7d9792094b:0-winklevoss-twins-move-130m-bitcoin-while-gemini-launches-us-prediction-markets/