Grayscale Transfers 16,567 ETH to Coinbase Prime, Worth $39.65 Million
CryptoNewsTerminal Staff05 Sep, 2024
Grayscale Transfers 16,567 ETH to Coinbase Prime, Worth $39.65 Million
Grayscale Moves Massive Amount of ETH to Coinbase Prime Blockchain analytics firm Arkham Intelligence (ARKM) has revealed that an Ethereum address associated with Grayscale Investments transferred 16,567 ETH to Coinbase Prime, a custodial service for institutional investors. The transaction was valued at approximately $39.65 million at the time of transfer. In a separate transaction, a Grayscale ETH (MiniTrust) labeled address sent 2,827 ETH (worth $6.77 million) to an unknown address. The purpose of this transfer remains unclear. These movements come amidst heightened volatility in the cryptocurrency market, as investors continue to assess the impact of regulatory developments and macroeconomic factors. Grayscale, the world's largest digital asset manager, holds significant amounts of various cryptocurrencies, including Bitcoin and Ethereum. The company's actions are closely watched by market participants as they can provide insights into institutional sentiment and potential market trends.
