Prominent crypto entrepreneurs Tyler and Cameron Winklevoss have reportedly moved $60M in BTC to their Gemini hot wallets as the premier cryptocurrency continues to struggle around $60k. The twins have sold a considerable amount of BTC over the years, despite advocating for long-term investing and encouraging users to remain committed to the sector.
Crypto intelligence firm Arkham tweeted regarding the matter:
Based on Arkham’s reporting, the brothers transferred almost 1,000 BTC ($60.3 million) and 5,000 ETH ($7.7 million) from their long-term custody wallets to the exchange’s hot wallets. The selling pattern matches previous sales undertaken by the two billionaires.
Additionally, Arkham estimated that the twins have made a whopping $1.7 billion from their Bitcoin sales over the years, as they bought a large stack of BTC in its early years. At one point, they controlled over 1% of BTC’s supply in 2013 and bought it for less than $120 per coin.
Even after profiting from such a huge amount from BTC, they still hold in excess of $300 million in crypto to this day. Some critics accuse them of trying to influence the price of the digital currency by dumping and buying at sensitive times.
 
A Long-term Play or Periodic Dumping?
While on paper, it appears that the Winklevoss twins are profiting from their early investments in the crypto economy, visualizations of their transaction history and profit-and-loss curves show that they are executing a long-term winning strategy.
They were among the biggest promoters of Bitcoin in the United States and have made bold predictions about its future, including an eventual $1 million price tag. They have made a habit of moving funds to hot wallets for sale and liquidity purposes, but in many instances, the crypto finds a way back to their long-term addresses. Apart from this $60 million transfer, they transferred a $130 million tranche back in March of this year.
The move could be considered as profit-taking or long-term repositioning, depending on which side of the table you are on. Some view it as necessary risk management for early holders, while others believe it adds artificial selling pressure to a faltering BTC.
The largest cryptocurrency by market capitalization is looking increasingly uncertain around the $60k level and has had to defend against multiple moves below the key support level. News of Winklevoss selling could add more pressure on the embattled bulls, at least in the short term.
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