The Winklevoss twins have joined the growing list of early Bitcoin holders who are dumping the asset at low prices that appear to be near its bottom.
As Bitcoin continues to face consistent downside pressure while struggling around the $59,000 level, the latest data from the Arkham Intelligence Platform shows that the twins have transferred Bitcoin tokens worth $60 million to Gemini.
Are Winklevoss Twins taking profits?
Although the Winklevoss twins have yet to publicly state whether their latest Bitcoin transfer was an attempt to sell or rearrange their holdings, the source confirmed that the move is similar to their previous selling patterns.
With $60 million worth of Bitcoin removed from their holdings, the data further revealed that the twins still have $300 million worth of Bitcoin remaining after the latest sell-off.
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The twins also moved $7 million worth of Ethereum to Gemini, one of the crypto exchanges they co-founded, suggesting a bid to take profits from their long-term investments.
$1.7 billion in Bitcoin secured
While the move comes after the twins reportedly secured $1.7 billion from the Bitcoin they have held since 2015, commentators suggest that the transfer was an attempt to secure more profits amid the volatile market conditions.
Meanwhile, other commentators frowned upon the large Bitcoin deposits, claiming it was not a very smart move to sell at a time like this when Bitcoin is near its bottom.
Nonetheless, others have argued that transfers to an exchange do not automatically confirm that an asset has been sold. Hence, they believe it might have been a move to restructure their holdings.
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