Gemini co-founder Tyler Winklevoss said crypto market sentiment is very negative and “optimistic” even though the exchange he runs with his brother Cameron was forced into a major reset and Winklevoss Capital appears to have been selling Bitcoin steadily over the past 12 months.
Despite his public bullish sentiment, on-chain trackers including Arkham revealed that Winklevoss Capital wallets are losing Bitcoin ($BTC) from approximately 23,000 exposures in the past year. $BTC By February 2025, there will be fewer than 11,000 people. $BTC In February 2026.
Gemini’s latest report filed with the U.S. Securities and Exchange Commission (SEC) on Tuesday showed net revenue of $165 million to $175 million in 2025, up from $141 million in 2024, and monthly trading users of about 600,000, up 17% year over year.
Winklevoss Capital Reduction $BTC balance. sauce: Arkham.
At the same time, expected operating expenses jumped to $520 million to $530 million, up from $308 million in the year-ago period.
Related: Cryptocurrency investors’ interest is moving ‘fairly broadly’ beyond the majors as the selloff continues: executives
Gemini announced on February 5 that it would cut up to a quarter of its workforce and leave the UK, European Union and Australia to focus on the US and Singapore markets.
Less than two weeks later, the company announced that it would part ways with its chief operating officer, chief financial officer and chief legal officer, giving Cameron Winkelvoss more responsibility.
Market share decline and strategic shift
Gemini’s spot market share shrank from 0.6% in June 2025 to about 0.1% of global cryptocurrency spot trading in January, and its market value has fallen from nearly $4 billion to less than $700 million since its listing last year, Bloomberg reported Sunday.
Bloomberg reported, citing people familiar with the matter, that Gemini has laid off additional U.S. staff and is now focusing on a new Commodity Futures Trading Commission (CFTC)-regulated prediction market platform and a focus on custody and credit card services.
The company’s 8-K filing supports a shakeup of its senior leadership, noting that Cameron Winklevoss will absorb many of the duties of the outgoing chief operating officer, and that interim management will assume the roles of chief financial officer and general counsel.
Gemini 8-K filing. Source:SE.C.
Cointelegraph has reached out to Gemini to discuss further reported layoffs, strategic shifts, and $BTC It was sold, but no response had been received by the time of publication.
Severe market sentiment combines to increase pressure
Gemini’s restructuring comes against the backdrop of unusually dark sentiment across the crypto market.
Miners such as Bitdeer liquidated their funds. $BTC The Treasury and US-based Spot Bitcoin ETFs have been hemorrhaging over the past five weeks, with popular sentiment indicators such as the Crypto Fear & Greed Index dropping to extreme fear levels, coinciding with Google searches for “Bitcoin going to zero” at their highest since 2022.
Related: Gemini emerges from ‘blow to policymakers’ with UK crypto hub ambitions
However, a few prominent investors are still long Bitcoin, including Japan’s Metaplanet, which has doubled down on Bitcoin repeatedly. $BTC Strategy Inc., a US Bitcoin financial pioneer that has deployed an accumulation strategy despite market conditions, is the largest listed owner. $BTC 717,131, marking Sunday’s 100th Bitcoin purchase.
High-frequency trader and BitMEX co-founder Arthur Hayes also made his portfolio public on Monday. He still places great emphasis on $BTC Macro analysts like Lynn Alden, on the other hand, are long in the market over the long term, but expect a tough market rather than a sharp rally in the short term.
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