Key Takeaways:
- Winklevoss Twins have sold over 9,000 BTC ($900M) since January.
- Owen Gunden liquidated nearly all 11,000 BTC holdings.
- Combined whale sales and ETF outflows are driving short-term volatility.
- Bitcoin trades around $106,270, up 4.4%, but recovery remains fragile.
Bitcoin Whales Drive Selling Pressure as BTC Struggles Near $100,000
Bitcoin’s price continues to wrestle with instability, struggling to stay above the $100,000 mark after a volatile start to November. On-chain data now reveals that major Bitcoin whales—notably the Winklevoss Twins and early miner Owen Gunden—have been offloading massive amounts of BTC, potentially fueling the latest wave of price weakness.
The broader sentiment across the market remains fragile. Institutional outflows from Spot Bitcoin ETFs and heavy selling from long-time holders have combined to push short-term confidence lower, creating turbulent price swings.
Winklevoss Twins Offload $900 Million in Bitcoin
Blockchain data indicates that wallets tied to Gemini Custody and Winklevoss Capital have been moving substantial amounts of Bitcoin in recent weeks. The latest transaction saw 250 BTC (≈$25.4 million) shifted to a Gemini hot wallet, continuing a steady pattern of deliberate reductions in their holdings.
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Since early 2025, the twins have liquidated more than 9,000 BTC, worth about $900 million, shrinking their total from roughly 24,000 BTC to under 16,000 BTC. Analysts note these sales appear gradual and methodical rather than panic-driven, but their scale still contributes to significant downward market pressure.
Owen Gunden Nears Full Exit from Bitcoin Holdings
Early miner and Genesis creditor Owen Gunden has also joined the wave of whale activity. Data from Lookonchain shows he recently transferred 3,549 BTC ($361.8 million) in a single transaction, just hours after moving another 3,601 BTC ($372 million).
Roughly 600 BTC from these transactions—worth over $61 million—have already landed on Kraken, hinting at active selling. Gunden’s holdings have now dropped from 11,000 BTC to nearly zero, marking a full exit from his long-held position.
Market Outlook: Green Weekend, Fragile Momentum
While these large-scale movements pressured prices, Bitcoin showed short-term resilience over the weekend, climbing 4.4% to $106,270. However, analysts warn of a repeating pattern—green weekends followed by Monday corrections—signaling continued caution among traders.
Also Read: Bitcoin Faces $85K Resistance as Ethereum and XRP Struggle: Crypto Market Outlook
If whale-led selling persists and ETF outflows continue, Bitcoin’s short-term recovery could face renewed headwinds. Still, long-term believers see these events as part of a natural market redistribution before the next major bullish leg.
