Bitcoin Whales Sell $1.2B as Price Tests $100K Support

Blockchain data reveals that wallets linked to Winklevoss Capital and Gemini Custody have been systematically transferring large amounts of Bitcoin over the past several months in what appears to be a deliberate adjustment of their holdings. The latest transaction involved 250 BTC, worth approximately $25.45 million at current prices, moved to a Gemini hot wallet just hours ago. These transfers have occurred in several phases, often involving sizeable transactions that appear carefully timed rather than representing sudden bulk liquidations.

Cumulatively, the Winklevoss Twins have effectively liquidated over 9,000 BTC, equivalent to around $900 million, since the start of 2025. This sustained selling has caused their Bitcoin holdings to decline significantly from roughly 24,000 BTC earlier in the year to under 16,000 BTC currently, representing a reduction of approximately 33% in their total Bitcoin position. The methodical nature of these sales suggests a strategic portfolio rebalancing rather than panic selling, though the consistent outflow has undoubtedly contributed to market pressure.

Another major development capturing market attention involves Owen Gunden, an early Bitcoin miner and Genesis creditor, who recently initiated large transfers totaling 3,549 BTC (around $361.8 million) in a single transaction. This move followed earlier transactions this week, including 3,601 BTC ($372.1 million) sent one day prior. Data from on-chain analytics platform Lookonchain confirms that these transfers have effectively reduced Gunden’s total holdings from around 11,000 BTC to nearly zero.

Approximately 600 BTC from these transfers, worth over $61 million, have already been deposited on the Kraken exchange, signaling possible liquidation. Such large transfers to exchange-linked wallets typically precede sell orders, contributing to short-term selling pressure in the market. The complete liquidation of Gunden’s substantial Bitcoin position represents one of the most significant individual sell events recorded in recent months and adds to the bearish sentiment surrounding Bitcoin’s near-term price prospects.

The whale movements from both the Winklevoss Twins and Owen Gunden are among several large sell events recorded in November that have collectively added to Bitcoin’s persistent selling pressure. This trend extends to the broader institutional market, where US-based Spot Bitcoin ETFs have also experienced sustained outflows. Data shows that Friday of last week closed with $558.44 million leaving these funds, compounding the selling pressure created by individual whale transactions.

Despite the bearish pressure from these substantial liquidations, Bitcoin has demonstrated notable resilience during weekend trading sessions. At the time of writing, Bitcoin is trading at $106,270, up by 4.4% in the past 24 hours. This continues a pattern of green weekends over the past four weeks, though these gains have typically reversed on the following Mondays. The consistent weekend strength amid substantial selling pressure suggests underlying buyer interest remains, even as major holders continue to distribute their positions.

The combined effect of these whale movements presents a concerning outlook for Bitcoin’s short-term trend, with the cryptocurrency struggling to regain momentum above the $100,000 threshold. The fragile market sentiment following heavy selling pressure from large holders, coupled with on-chain data pointing to major whale movements, creates a challenging environment for Bitcoin to establish sustained upward momentum in the immediate future.