Grayscale Moves $1 Billion Ether to Coinbase
Ether spot ETFs will be trading in the U.S. today. While a giant step has been taken in one of the developments that the cryptocurrency world has been eagerly waiting for a long time, it was also noteworthy that Grayscale, one of the ETF issuers, moved 1 billion dollars of ETH to the Coinbase exchange last night. This transfer is on the market "Is the sale coming? Led to rumors, but experts don't think that way.
Grayscale, the world's largest digital asset management firm, moved nearly $1 billion of ETH to Coinbase Prime yesterday evening. It was not overlooked that the transfer came 1 day before the Ether spot ETFs were to be opened to transactions.
'It's not a sale, it's a relocation...'
This transfer is 'Will Grayscale make mass sales?' It caused the questions to be asked. Jon Campagna, one of the executives of crypto hedge fund company Nexyst Digital, stated that he thinks this transfer is not for sale:
“Sales rumors don't make sense. On July 18, Grayscale allocated 10% of its ETHE assets for the new ETF. That day, they said that those who own ETHE would be able to access 10 percent of their assets when ETF is opened to transactions. ETHE already has an asset value of $10 billion. One in 10, or 10%, corresponds to $1 billion. Therefore, there is no such thing as being converted or sold to Solana.
'There is a transition to other ETFs'
Campagna also said that there will be exits from ETHE, Grayscale's Ether fund, due to the high transaction fee, but that he thinks the money will shift to other ETFs, especially Grayscale's mini-Ethereum fund. As it is known, Grayscale will receive a commission for the Ether ETF, about 10 times more expensive than the fee determined by other companies. The 2.5% transaction fee is by far the most expensive rate.
However, Grayscale reduced the transaction fee of the mini-Ether fund, which was more suitable for retail investors last week, to 0.15% and became the company with the cheapest product in this sense.
Nearly 20 billion dollars came out of the fund of Grayscale, which also has the most expensive transaction fee in Bitcoin spot ETFs, in a few months.
