Ethereum
Grayscale Sends 110,867 ETH Worth $358,000,000 to Coinbase Prime as Ethereum Corrects
Digital asset manager Grayscale sent $358 million worth of Ethereum (ETH) to a Coinbase Prime deposit address, according to the Arkham blockchain “de-anonymization” service.
Arkham data shows Grayscale sending 110,867 ETH in a series of transactions to Coinbase’s institutional arm, presumably to sell on the open market.
At the same time, Ethereum has resisted a price correction, down around 8% in the past week despite the launch of the first ETH spot exchange-traded funds (ETFs) in the United States.
A few days earlier, Grayscale had been spotted by a blockchain tracking service Watch on the channel send nearly half a billion dollars worth of Ethereum to Coinbase Prime.
“Grayscale transferred 140,044 ETH ($485.6 million) to Coinbase Prime and received 4,382 ETH ($14.8 million) from Coinbase Prime, with a net outflow of 135,662 ETH ($470.8 million)!
According to Grayscale’s website, Grayscale currently holds 2,489,075 ETH ($7.9 billion).
Data from Arkham shows that at the time of writing, Grayscale still holds over $8.59 billion in ETH and $27 billion in crypto assets.
While not as successful as Bitcoin ETFs, Bloomberg ETF analyst Eric Balchunas said ETH ETF flows are healthy enough to offset Grayscale’s massive outflows.
“The “New Eight” Ether ETFs are not as strong as the “New Nine” Bitcoin ETFs to offset Grayscale outflows, but the good news is that their inflows/volumes are still very healthy, and the intensity of ETHE unlocking will fade sooner than with GBTC = the outlook is good but the next few days could be tough.”
At the time of writing, Ethereum is worth $3,244.
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