Overview
- Blockchain analytics firm Arkham identified roughly $60 million in Bitcoin and $7 million in Ethereum moved from cold custody to Gemini-linked hot wallets on Wednesday, July 1.
- Arkham said the July transfers match the twins’ earlier moves to Gemini in June and March that the firm has linked to selloff behavior.
- Moving coins from cold custody to hot wallets is an on-chain step often used before exchange sales but can also reflect operational activity, and no on-exchange sale by the twins has been confirmed.
- Markets are under pressure with Bitcoin trading near $58,000 after a recent low around $57,747, about $4.5 billion in June net outflows from U.S. spot BTC ETFs, and Citigroup lowering its 12-month BTC and ETH forecasts.
- Ethereum remains near the $1,500 support zone despite corporate purchases by SharpLink and Bitmine, and Arkham estimates the twins still control more than $300 million in Bitcoin after realizing roughly $1.7 billion in gains since 2015.