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25% of Gemini's BTC Withdrawn, BlackRock Activity Suspected

Tue, 08/15/2023 - 14:30
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Yuri Molchan
Over past month, quarter of Bitcoin held by Gemini exchange has been withdrawn
25% of Gemini's BTC Withdrawn, BlackRock Activity Suspected
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Prominent Twitter (X) account @BTC_for_Freedom has issued a post, spreading the word that within the last few months, the Gemini crypto exchange had seen an astounding 26,000 BTC withdrawn from its wallets.

This is approximately 25% of Gemini's total Bitcoin stash. "Something is happening here," the Twitter user behind the account suggested. He then wondered whether it may have been BlackRock that bought Bitcoins and withdrew them into self-custody.

In the comments thread, several users continued the discussion about BlackRock, moving to its ETF application submitted to the SEC, which is now being considered by the regulator.

The SEC decision on BlackRock's filing to launch a Bitcoin spot ETF will be responded to in March next year, as it submitted the bid in July. Still, the commentators wondered why BlackRock would be buying so much Bitcoin if the regulator has not greenlighted its bid yet.

Earlier this week, the regulator extended the deadline for making a decision on Cathie Wood's Ark Bitcoin spot ETF until Aug. 30 this year.

'Rich Dad Poor Dad' Author Predicts Bitcoin to Hit $100,000, Here's What Must Happen

In other news, Gemini exchange run by the Winklevoss twins Tyler and Cameron, has recently relaunched XRP trading. The trigger here was the recent victory of Ripple over the SEC in court, where the judge ruled that XRP sales to retail investors and its programmatic sales were not securities, unlike XRP sold to financial institutions.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at