Grayscale Shifts $32.85 Million in ETH From Coinbase Prime: What It Means
CryptoNewsTerminal Staff27 Jul, 2024
Grayscale Shifts $32.85 Million in ETH From Coinbase Prime: What It Means
Grayscale Investments, the world's largest digital asset manager, has recently withdrawn a substantial amount of Ether (ETH) from Coinbase Prime, a leading cryptocurrency exchange and custodian. According to data from Arkham Intelligence, a blockchain analytics firm, Grayscale transferred 10,120 ETH, worth approximately $32.85 million, from Coinbase Prime roughly 15 hours ago. The reasons behind Grayscale's decision to move such a significant amount of ETH are not yet clear. However, it's worth noting that Grayscale has been actively accumulating ETH in recent months. In fact, the company's total ETH holdings now stand at over 3.3 million ETH, worth approximately $10.7 billion. This latest transfer suggests that Grayscale remains bullish on ETH's long-term prospects. Despite the current market downturn, ETH remains the second-largest cryptocurrency by market capitalization and is widely seen as one of the most promising digital assets.
