Grayscale Transfers 110,867 ETH Valued at $358M to Coinbase Prime Amid Ethereum Price Correction

Grayscale, a digital assets manager, has transferred $358 million worth of Ethereum (ETH) to a Coinbase Prime deposit address as Ethereum experiences a price correction. According to blockchain analysis by Arkham, Grayscale sent 110,867 ETH in multiple transactions to Coinbase’s institutional division, likely for trading on the open market.

Despite the recent launch of the first spot ETH exchange-traded funds (ETFs) in the US, Ethereum has seen an 8% decline in price over the past week due to market corrections. Prior to this transfer, Grayscale had already moved nearly half a billion dollars’ worth of Ethereum to Coinbase Prime, as reported by Lookonchain.

The recent transfer involved Grayscale sending 140,044 ETH ($485.6 million) to Coinbase Prime and receiving 4,382 ETH ($14.8 million) back, resulting in a net outflow of 135,662 ETH ($470.8 million). Grayscale currently holds 2,489,075 ETH ($7.9 billion), as per information available on their website.

Arkham’s data indicates that Grayscale still maintains holdings of over $8.59 billion in ETH and $27 billion in various crypto assets. While the Ethereum ETFs have not achieved the same success as Bitcoin ETFs, Bloomberg ETF analyst Eric Balchunas believes that the inflows from ETH ETFs are substantial enough to counterbalance Grayscale’s significant outflows.

At the time of reporting, the value of Ethereum stands at $3,244. The ongoing developments in the crypto market, particularly with Ethereum, continue to attract attention and investment interest from various stakeholders.