Grayscale transferred $1 billion worth of Ether (ETH) to Coinbase, a move that indicates the asset manager is preparing for the launch of spot Ether exchange-traded funds (ETFs).

According to blockchain data, Grayscale sent 292,262 ETH to the Coinbase Prime deposit wallet on July 22. Following the transfer, approximately 10% of this ETH was transferred from the Coinbase hot wallet to the Grayscale Mini Trust.

This billion-dollar transfer comes one day before the first spot Ether ETFs in the US begin trading on July 23. Coinbase will be the custodian of eight of the nine newly approved Ether ETFs.

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