Grayscale Moves 110k Ethereum Worth $358M to Coinbase Prime

Finally, we have the Ethereum ETFs live and trading in the U.S. after a much-anticipated debut due to the interferences of our beloved SEC. But things are a little worrisome for one particular entity offering the latest Investment Asset. Within the last hour, Grayscale has transferred 110,867 Ethereum to Coinbase Prime. According to Arkham Intelligence, the ETH is worth over $358 million. Grayscale has not been doing well with ETH ETFs like Bitcoin ETFs.

Grayscale Loses the ETF Game

Since Spot ETH ETFs went live, Grayscale has been experiencing major Ethereum outflows. At the start of the week, Grayscale moved $1.01 billion worth of Ethereum to Coinbase Prime in preparation for the Ethereum exchange-traded funds (ETFs) debut in the U.S. 

According to on-chain data from Lookonchain, Grayscale transferred 140,044 ETH worth $485.6M to Coinbase Prime yesterday. The entity then received 4,382 ETH worth $14.8M from Coinbase Prime, with a net outflow of 135,662 ETH worth $470.8M.

This difference between the ETH amount poured into Coinbase and received back shows a total outflow of nearly 135,662 $ETH. In terms of value, this figure comes down to $470.8 million. 

Yesterday’s ETH ETF data at market close shows that 8 Ethereum ETFs lost 100,230 TH worth $316.22M. Fidelity added 22,000 ETH worth +$69.41M and currently holds 43,750 ETH worth $138M.

At the time of writing, Ethereum (ETH) is worth $3,243.50, down 0.3% from an hour ago but up 2.6% in the last 24 hours. The value of ETH today is a 5.5% decline in the last week.

Also Read: U.S. Candidate Robert F. Kennedy Jr.: “Most of My Wealth in Bitcoin”