Grayscale Ethereum Trust Transfers $360M in ETH to Coinbase Prime

IconCryptoNewsTerminal Staff25 Jul, 2024

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Grayscale Ethereum Trust Transfers $360M in ETH to Coinbase Prime

According to blockchain analytics firm Arkham Intelligence (ARKM), a Grayscale-labeled address has transferred 97,227 ETH ($360 million) to a Coinbase Prime address. The recent transfer follows a similar move in late March, when Grayscale deposited nearly $200 million worth of ETH into Coinbase Prime. These large transfers suggest that Grayscale, the world's largest digital asset manager, is potentially preparing for a major move involving Ethereum. One possibility is that Grayscale plans to launch an Ethereum-based exchange-traded fund (ETF), which would provide investors with a regulated and transparent way to gain exposure to crypto. Another possibility is that Grayscale plans to use the ETH to participate in Proof-of-Stake (PoS) staking, which will become available when Ethereum fully transitions to a PoS consensus mechanism. Staking allows investors to earn rewards by locking up their ETH in a smart contract. Grayscale's recent moves are a sign of the growing institutional interest in Ethereum. With its strong fundamentals and growing ecosystem of decentralized applications (dApps), Ethereum is increasingly seen as a viable investment for both individual and institutional investors.

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