Why Grayscale Transfers 140K ETH to Coinbase?
🚨🚨Amid Price Crash🚨🚨
Leading crypto asset manager, Grayscale has reportedly moved large amounts of ETH from its wallet to Coinbase Prime. The major transfer comes just two days after the spot ETH ETF was cleared for launch in the United States.
Interestingly, the transfer comes amid a notable downtrend in the price of Ethereum. The coin has suffered significant losses in one day, raising questions about the anticipated momentum from the ETF launch.
The U.S. SEC approved the launch of nine spot Ethereum ETFs for trading on July 23. Before the launch, Ethereum exhibited an impressive price pattern, rising as high as $3,500 fueled by the anticipation of what will come. However, the trend has been shortlived as the price has come crashing less than 48 hours later.
Meanwhile, ETH is not the only coin to be in the red today, Bitcoin has also seen its price slashed by 2.67% in one day, dropping to $64k.
Over 144K ETH Moved to and From Grayscale Wallet
140,044 ETH to Coinbase Prime. However, this much transfer was made across five transactions. Notably, about 14 hours ago from the time of writing, 22.719k, 10.597k, 77.567k, 2.882k, and 26.279k ETH were sent simultaneously to the exchange. The total value of the outflow was $485.6 million.
