Frightening Ethereum Transfer from Grayscale: What is the 1 Billion Dollar Transaction For?

Grayscale, one of the largest cryptocurrency management companies, attracted attention with its massive Ethereum (ETH) transaction.

Grayscale took action for Ethereum on July 23. According to data provided by Arkham, the company transferred $1 billion worth of Ethereum to the Coinbase Prime wallet.

Analysts stated that this transfer was not entirely for sale. While it was stated that the starting balance of Grayscale mini Trust will be 1 billion dollars, it was noted that there will be a transfer from high transaction fee to low transaction fee. It was emphasized that this transfer may represent the initial balance.

Experienced analyst commented

Making a statement on the subject, Bloomberg senior ETF analyst Eric Balchunas stated that Ethereum holds a variable that Bitcoin ETFs do not have.

The Ethereum ETF race has begun with an ETHE-to-ETH transfer and will begin its life with $1 billion and the category's lowest 15 basis point fee. This is a new variable that we don't have in the Bitcoin race.

According to CoinGecko data, Ethereum, which has increased by 0.8% in the last 24 hours, is traded at $ 3,449 at the time of writing.