Bitcoin News: Winklevoss Twins Shift $67M to Gemini as BTC Tests Support

Key Insights:

• Arkham said the Winklevoss twins moved about $67M in BTC and ETH to Gemini wallets.
• Bitcoin traded near $58,600 after falling to $57,747 over the past 24 hours.
• Citi cut its 12-month Bitcoin target to $82K.
Bitcoin news reports that the Winklevoss twins moved about $67M in BTC and Ethereum to Gemini-linked wallets on July 1. Arkham Intelligence said the transfers matched a pattern often seen before a sale.
The movement came as Bitcoin traded below $60,000 and tested a key support level. Market sentiment also weakened after Citigroup cut its Bitcoin and Ethereum price targets.

Bitcoin News: Winklevoss Transfers Move to Gemini

Cameron and Tyler Winklevoss moved about $60 million in Bitcoin from custody wallets to Gemini hot wallets. They also moved about $7 million in Ethereum to wallets linked to the exchange.

Arkham Intelligence flagged the activity on-chain and said the pattern looked similar to earlier selling behavior.

However, wallet transfers do not prove that the twins sold the assets. Large holders can move coins for liquidity planning, custody changes, or internal exchange activity. Still, exchange inflows often draw attention when prices trade near major support levels.

The latest Bitcoin news follows earlier Winklevoss-linked movements. Arkham data showed about $67.5 million in Bitcoin moved in June, and another $130 million moved in March. The twins still hold more than $300 million in Bitcoin, based on the same on-chain tracking.

Bitcoin Price Holds Below $60K

Bitcoin price traded near $58,600 after touching a 24-hour low around $57,747. The asset remained below the $60,000 level, which traders have watched closely during the latest market decline. Trading volume also increased as the price tested lower levels.

The $57,000 to $58,000 range has become a key support area for short-term traders. A break below that zone could place more attention on the $50,000 level. Analysts have also pointed to weak spot demand and lower Coinbase premium data.

This Bitcoin news has gained more attention because large exchange deposits can add pressure during weak market periods. When major holders move assets to exchanges, traders often watch for possible selling. At the same time, transfers alone do not confirm market orders or completed sales.

Citigroup Cuts Bitcoin and Ethereum Forecasts

Citigroup lowered its 12-month Bitcoin price target from $112,000 to $82,000. The bank also reduced its Ethereum forecast from $3,175 to $2,240. The cuts came as ETF outflows and weak investor demand continued to weigh on the crypto market.

Spot Bitcoin ETFs recorded about $4.5 billion in net outflows in June. Reports also showed Bitcoin ETFs selling large amounts of BTC over recent sessions. These redemptions added pressure as Bitcoin failed to reclaim the $60,000 level.

The latest Bitcoin news also came as crypto policy expectations weakened. Prediction markets reduced the odds of the CLARITY Act becoming law this year. The drop followed renewed ethics concerns after President Donald Trump disclosed large crypto-related income for 2025.

Ethereum Stays Near Support Despite Treasury Buying

Ethereum price also traded under pressure near $1,572. The asset moved between an intraday low near $1,549 and a high around $1,600. Trading volume fell during the session, while buyers continued to defend the wider $1,500 support area.

Corporate treasury buying continued despite the weaker market. SharpLink recently bought another 10,000 ETH at an average price of $1,611. Bitmine also added 27,084 ETH over the past week and raised its holdings above 5.7 million ETH.

These purchases have not fully offset selling by whales and institutional investors. Traders continue to watch the $1,500 to $1,510 range as Ethereum’s main support area. A break below that zone could shift attention toward $1,400 and then $1,200.

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