While large wallet movements continue to attract attention in the crypto markets, both individual and government-related transfers have stood out in recent days. According to data from the blockchain analysis platform Arkham, large Bitcoin transfers made by Gemini exchange founders Cameron and Tyler Winklevoss, along with actions by the Bhutanese government, have sparked discussions about the possibility of new sell-offs in the market.
Winklevoss brothers transfer $130 million worth of Bitcoin
According to Arkham data, the Winklevoss brothers sent approximately $130 million worth of Bitcoin to Gemini exchange hot wallet addresses in the last week. The blockchain analysis company stated that these transfers "may have been made for the purpose of selling." Following this movement, it is estimated that the duo still hold approximately $764 million worth of Bitcoin. According to Arkham's calculations, the total profit the Winklevoss brothers have made from their Bitcoin investments has reached approximately $1.8 billion.
Cameron and Tyler Winklevoss are among those who invested in Bitcoin quite early. The pair made a total of $11 million worth of Bitcoin purchases in April 2013 at a price of approximately $120 per Bitcoin. This investment came from approximately $65 million in cash and stock compensation received following a legal dispute with Facebook founder Mark Zuckerberg. As the price of Bitcoin rapidly rose over the years, the value of this investment increased exponentially. Particularly in late 2017, when the price of Bitcoin approached $20,000, the Winklevoss brothers' portfolio value exceeded $1 billion for the first time. At that time, estimates suggested that the amount of Bitcoin held by the pair represented approximately 1% of the circulating supply. The Winklevoss brothers later used a portion of their Bitcoin holdings to establish the Gemini cryptocurrency exchange. In its initial public offering in September 2025, the company raised approximately $425 million by pricing its Class A shares at $28. However, Gemini has recently undergone a strategic restructuring process. The company announced it will withdraw from the UK, European Union, and Australian markets to shift its operations to a leaner and more automation-focused model, while also announcing it will reduce its workforce by approximately 25 percent.
The Winklevoss brothers are also known for their political donations. In August 2025, the pair donated 188 BTC, worth approximately $21 million, to a pro-Donald Trump political action committee in the US.
New Bitcoin movement from Bhutan
Another notable development in the crypto market comes from Bhutan. The small Himalayan country in South Asia is known as one of the world's largest state Bitcoin investors.
According to Arkham data, the Bhutanese government transferred 175 BTC from its main wallet address on Monday. These Bitcoins, worth approximately $11.85 million, were sent to another address created a month ago.
Blockchain data shows that these 175 BTC are still held at this new address. However, a similar transfer made previously was sent to a third address, and this address has received a total of 1,910 BTC since 2024.
Arkham notes that similar transfers made by Bhutan in the past have resulted in sales. According to information shared by the company, the country occasionally conducts Bitcoin sales worth between $5 and $10 million. Sales are said to be more intense, particularly around September 2025.
Estimates suggest that Bhutan's total Bitcoin holdings are around 5,400 BTC. This makes the country the seventh largest Bitcoin holder among states. The largest reserve, approximately 328,000 BTC, is held by the US government.
Bhutan's Bitcoin holdings are managed by Druk Holding and Investments, a sovereign wealth fund. The fund also holds a limited amount of Ethereum and some smaller crypto assets.
Bitcoin mining finances public utilities
Bhutan's Bitcoin accumulation largely stems from state-sponsored mining operations launched in 2019. The country is mining Bitcoin using its abundant hydroelectric power.
Bhutanese Prime Minister Tshering Tobghay previously stated in interviews that hydroelectric power plants produce excess energy during the summer months, and this surplus is used for Bitcoin mining.
The government also announced that the Bitcoin revenue generated is used to finance areas such as healthcare, environmental projects, and public employee salaries.
Meanwhile, the Bitcoin price has risen again above the $70,000 level. This increase comes after a few days of decline due to the strengthening of the US dollar and geopolitical risks.
The Bitcoin network recently reached a significant milestone, surpassing 20 million BTC in total. The number of Bitcoins that can be mined in the next approximately 114 years is now below 1 million.
