BlackRock and the Winklevoss twins moved more than 7,000 BTC into exchange wallets within hours on June 2. The large Bitcoin (BTC) transfers fueled speculation about institutional selling.
Blockchain analytics firm Arkham flagged both moves. They landed as spot Bitcoin exchange-traded funds extended a long run of net outflows and prices fell sharply.
BlackRock routed 6,005 BTC worth about $403 million to Coinbase Prime, according to on-chain tracker Solid Intel. The coins moved in quick batches from IBIT wallets.
Coinbase serves as the official custodian for IBIT. Flows like these often support fund creation and redemption rather than open-market sales.
The activity followed weeks of spot Bitcoin ETF outflows that pulled more than $2 billion from the funds since mid-May.
The Winklevoss twins sent 1,000 BTC, roughly $67.5 million, from Gemini custody into a Gemini hot wallet. Arkham noted that moves to a hot wallet can precede selling.
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Because the brothers founded Gemini, the transfer stayed inside their own infrastructure.
The pattern echoes earlier Winklevoss BTC transfers in March, which preceded some sales.
Arkham data shows their entity still holds about 8,328 BTC. The twins also stepped up Winklevoss Capital Bitcoin buying earlier this year.
“The Winklevoss Twins owned around 1% of the BTC circulating supply in 2014. They made over $1 Billion on Bitcoin all-time. Currently, they still hold $692 Million. What a trade,” Arkham remarked.
Neither transfer confirms a sale, since the coins remain on exchange wallets. With Bitcoin trading near $66,973 and down 11% on the week, the moves add to fears about major holders reducing exposure.
The story recalls last week, when Bitcoin dropping below $70,000 followed another whale-scale move.
Follow-up outflows could signal genuine selling.
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