Grayscale transfers $1B ETH to Coinbase a day ahead of Ether ETF launch

Zoltan Vardai21 minutes agoGrayscale transfers $1B ETH to Coinbase a day ahead of Ether ETF launchThe transfer occurred a day ahead of the launch of the first spot Ether ETFs in the United States, which are expected to start trading on July 23.313 Total viewsListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksGrayscale transferred $1 billion worth of Ether to Coinbase, signaling the asset manager’s preparation for the launch of the spot Ether exchange-traded funds (ETFs).

According to blockchain data, Grayscale, which will be among the first ETF issuers, sent 292,262 Ether (ETH) worth over $1 billion to the Coinbase Prime deposit wallet on July 22, according to blockchain data.

Following the transfer, approximately 10% of the 292,000 ETH was transferred from the Coinbase hot wallet to the Grayscale Mini Trust, or wallet "0xab3," according to a July 23 X post by data provider iChaininfo.

The billion-dollar transfer came a day before the launch of the first batch of US spot Ether ETFs, which will begin trading on July 23. The large transfers suggest that Grayscale is pre-seeding funds to prepare for the ETF launch.

Coinbase exchange will act as the custodian for eight out of the nine newly approved Ether ETFs. The exchange is already the custodian powering 10 out of the 11 existing spot Bitcoin ETFs, according to a July 22 announcement.Coinbase, ETF infographic. Source: Coinbase

Related:Ether’s ‘most obvious bullish setup’ is set for H2 2024, says former Wall Street trader

This is a developing story, and further information will be added as it becomes available.# Ethereum# Adoption# Grayscale# Ethereum ETF# Bitcoin ETF# ETFAdd reaction