GEMINI BITCOIN RESERVES

Gemini is one of the places people buy and sell Bitcoin, and while your coins sit there the exchange holds them in wallets of its own. Watching those wallets is one of the oldest reads in the market. Coins arriving usually means someone is getting ready to sell, and coins leaving usually means someone has decided to hold on to them instead.

Nothing here is bought in. We learn that two addresses belong to the same owner by catching them spending from one transaction, and where a public source has already named the owner of one of those groups, the coins in it are counted here. So the naming comes from outside and the counting is entirely ours, which is why this page can also say what those coins were worth when they arrived and how long they have sat there.

That method has one blind spot and it is a large one. A wallet that only ever receives coins never proves anything about who owns it, and an exchange keeps most of its Bitcoin in an offline vault that receives coins and then sits still for years. So this is a floor and never a total: Gemini may well hold more than appears here. Where the page says we can trace none, that is a fact about how far our tracing reaches and not a claim that Gemini holds nothing.

Maketo does not record Gemini's trading, so there is no open interest, funding or order book on this page. That is a limit of what we listen to rather than something the exchange withholds, and the page leaves the space empty rather than filling it with someone else's number.