Winklevoss Move $130M BTC to Gemini as Korea Sells Seized Coins (March 10, 2026)

Bitcoin trades at $70,179 as of March 10, 2026, up 1.70% in the last 24 hours, even as two major whale movements hit the market this week. The Winklevoss twins moved approximately $130 million in BTC to Gemini exchange wallets, while South Korean authorities sold seized bitcoin recovered from a phishing attack.

What Happened

Cameron and Tyler Winklevoss transferred approximately 1,750 BTC (valued at ~$130 million) to Gemini hot wallets between March 3 and March 10, 2026, according to on-chain data from Arkham Intelligence Arkham Intelligence Entity: Winklevoss Capital. The transfer represents the twins' largest BTC movement to Gemini since the exchange went public in September 2025, raising $425 million at a $28 share price Finance Feeds, March 10, 2026.

Separately, South Korea's Gwangju District Prosecutors' Office sold 320.8 BTC for approximately 31.6 billion won (~$21.5 million) between February 24 and March 6, 2026 Chosun Ilbo, March 10, 2026. The seized bitcoin was recovered in February 2026 after being stolen in an August 2025 phishing attack, according to the Gwangju District Prosecutors' Office.

Background

The Winklevoss twins were among Bitcoin's earliest institutional adopters, accumulating approximately 108,000 BTC in 2014 when prices hovered near $100. Their holdings have decreased by over 92% since then, to approximately 8,700 BTC as of March 10, 2026, with an estimated remaining value of $764 million Arkham Intelligence, March 10, 2026.

Gemini's public listing in September 2025 marked a significant milestone for the exchange, which the twins founded in 2014. The $425 million raise at a $28 share price valued the company at approximately $15 billion post-IPO.

Bhutan's sovereign wealth fund also moved 175 BTC ($11.85 million) on March 9, 2026, its largest transaction in over a month. The nation holds approximately 5,400 BTC ($374 million) as of March 10, 2026 Arkham Intelligence, March 10, 2026.

The Bull Case

Tyler Winklevoss expressed strong long-term conviction in September 2025, predicting Bitcoin could "easily" trade at 10x its then-value of $116,000, suggesting the recent transfers may not signal reduced belief in BTC's trajectory. Arkham Intelligence noted that despite the $130 million move, the twins still retain over $764 million in BTC, indicating they remain significant long-term holders Arkham Intelligence, March 10, 2026.

Counteracting whale sell-side pressure, MicroStrategy added 17,994 BTC to its balance sheet for $1.28 billion recently, demonstrating continued institutional accumulation despite near-term volatility.

The Bear Case

Arkham Intelligence labeled the $130 million transfer as "presumably to sell," which often signals profit-taking by early whales near local price peaks Arkham Intelligence, March 10, 2026. BeInCrypto Analysis suggested that large whale sell-offs on exchange hot wallets increase near-term sell-side pressure during volatile market cycles.

South Korean authorities sold their 320.8 BTC in small batches over 11 days to minimize market impact, but the cumulative $21.5 million liquidation still adds to supply pressure. Combined with the Winklevoss movement, over $150 million in BTC moved toward potential sale in early March 2026.

What to Watch

• Gemini's Q1 2026 earnings report (expected late March) may disclose whether the Winklevoss BTC was sold or moved for custody purposes
• Bhutan's sovereign wealth fund transaction patterns after its March 9 transfer
• MicroStrategy's next BTC acquisition announcement, which could offset whale selling pressure
• South Korean prosecutor office statements on remaining seized crypto assets