I just noticed a major movement on the chain — the Winklevoss brothers withdrew 572 Bitcoin from their Gemini exchange into custodial wallets over the past day. That’s approximately $43 million at the current price. Interestingly, this is the first significant inflow to the fund’s addresses in over a month.

Context is important: Gemini has faced serious issues this year. The exchange lost half its value, laid off a third of its team, and exited markets in the European Union and Britain. Plus, the Winklevoss have about $330 million in Bitcoin loans to the company. It seems they are considering converting this debt into equity.

According to Arkham, the Winklevoss fund currently holds 9,300 Bitcoin and nearly 71,000 Ether across 128 addresses. At current prices, this portfolio is worth roughly $920 million. By the way, this is the lowest since 2012 — a month ago, they made a large deposit into Gemini, which led to a decrease in the balance.

What does this mean? There could be new purchases, rebalancing between the exchange and storage, or they are simply returning part of what they deposited a month ago. On-chain, only the flow directions are visible, not the intentions. But the movement is quite noticeable for the current market.