bitcoin price Last week I had a hard time regaining momentum. After a rocky start to November, it remains just above the $100,000 threshold. Overall market sentiment is somewhat fragile due to strong selling pressure from large holders, and on-chain data points to significant whale movements that may be fueling the downtrend.
High-profile companies such as the Winklevoss Twins’ Gemini Custody Wallet and early Bitcoin miner Owen Gunden have emerged as key players in this wave of transactions that could influence Bitcoin’s recent price movements.
Winklevoss twins move millions of BTC from Gemini storage
According to blockchain data, wallets linked to Winklevoss Capital and Gemini Custody have been consistently transferring large amounts of Bitcoin over the past few months, with continuous deliberate adjustments to their holdings.
These movements occur in several phases and often include large transactions that appear timed. The latest transaction stands out, showing that 250 BTC, worth approximately $25.45 million at current prices, was moved to Gemini’s hot wallet a few hours ago.
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If these transfers amount to sales, it would mean that the twins have been methodically unloading their Bitcoin positions over time, rather than engaging in sudden mass liquidations. Since the beginning of 2025, they have now effectively liquidated over 9,000 BTC, worth approximately $900 million. This has reduced their holdings from around 24,000 BTC at the beginning of the year to less than 16,000 BTC currently.
Bitcoin OG Owen Gunden moves final holdings to exchange
Another major wallet that has received attention is that of Owen Ganden, an early Bitcoin miner and Genesis creditor. Data from on-chain analytics platform What Lookonchain reveals Gunden recently initiated a large transfer totaling 3,549 BTC (approximately $361.8 million) in a single transaction just 8 hours ago.
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movement Following trading earlier this week, This includes 3,601 BTC ($372.1 million) sent the previous day. Notably, approximately 600 BTC (equivalent to over $61 million) from these transfers has already been deposited into Kraken, suggesting a possible liquidation.
Due to these moves, Gunden’s total holdings decreased from approximately 11,000 BTC to almost zero. Such large transfers to exchange-linked wallets are often preceded by sell orders, contributing to short-term selling pressure.
Gunden transferred, In parallel with similar major movements Several whale selling events recorded in November, similar to the one by the Winklevoss twins, increased sustained selling pressure on Bitcoin. This trend is also evident in the broader institutional market, with U.S.-based spot Bitcoin ETFs continuing to see outflows. Last Friday ended with $558.44 million in outflows from these funds, according to the data.
The combined impact of these whale movements presents a worrying outlook for Bitcoin’s short-term trend. However, this weekend Highlighted by new green weekend In the case of Bitcoin.
At the time of writing, Bitcoin is trading at $106,270, up 4.4% in the past 24 hours. This followed a series of green weekends over the past four weeks, which quickly reversed the following Monday.
Featured image from Dall.E, chart from TradingView.com