Winklevoss Transfer and Citigroup Forecast Cut Signal Market Selloff

The Winklevoss twins moved $67 million in Bitcoin and Ethereum to Gemini wallets on July 1, according to blockchain analytics firm Arkham Intelligence. This transfer is consistent with their past selloff pattern, although no actual sale has been confirmed.

Despite this move, the twins still hold more than $300 million worth of Bitcoin, indicating they are not distressed sellers reacting to short-term price moves.

The market was already under pressure due to quarter-end selling and institutional outflows. Citigroup recently cut its 12-month Bitcoin price target from $112,000 to $82,000, while also reducing its Ethereum forecast from $3,175 to $2,240.

U.S. spot Bitcoin ETFs saw approximately $4.5 billion in net outflows during June, contributing to downward pressure on market sentiment.