Coinbase Prime to Grayscale: $3.51 Million Worth of ETH Transferred

IconCryptoNewsTerminal Staff30 Aug, 2024

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Coinbase Prime to Grayscale: $3.51 Million Worth of ETH Transferred

Coinbase Prime, the institutional arm of cryptocurrency exchange Coinbase, has transferred a significant amount of Ethereum (ETH) to Grayscale Ethereum Trust. According to blockchain analytics firm Arkham Intelligence (ARKM), 1,413 ETH, valued at approximately $3,510,000, was moved from a Coinbase Prime address to a Grayscale Ethereum Trust (ETH) address within the past 30 minutes. Grayscale Ethereum Trust is a popular investment vehicle that allows investors to gain exposure to Ethereum without directly holding the cryptocurrency. The transfer of a substantial amount of ETH to Grayscale suggests increased institutional interest in Ethereum and the potential for further price appreciation. Coinbase Prime is known for providing custody and trading services to institutional clients, including hedge funds, family offices, and asset managers. This recent transaction highlights the growing adoption of cryptocurrency by institutional investors and the role played by Coinbase in facilitating these movements.

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