Coinbase Prime Transfers 213 BTC to Grayscale

IconCryptoNewsTerminal Staff22 Jul, 2024

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Coinbase Prime Transfers 213 BTC to Grayscale

Blockchain analytics firm ARKAM (ARKM) data shows an outflow of 213 BTC (worth $14.22 million) from a Coinbase Prime address to a Grayscale address. The transaction is indicative of the growing trend of institutional investors adding Bitcoin (BTC) to their portfolios. Grayscale is the world's largest digital currency asset manager, with over $50 billion in assets under management, with much of that held in Bitcoin. The transfer suggests that Coinbase Prime, which provides custody and trading services to large investors, is playing a role in facilitating this institutional adoption.