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Grayscale transfers tens of millions of dollars worth of cryptocurrencies to Coinbase Prime
Grayscale, a major cryptocurrency asset fund, has revealed that it has transferred a significant amount of assets to Coinbase Prime. Tracking by the on-chain monitoring platform Arkham confirms that 11,486 Ethereum (ETH) and 348 Bitcoin (BTC) have been transferred.
Scale and Details of the Transfer
The assets moved from Grayscale amount to over $65 million. The transaction was executed approximately 13 hours ago, involving verified Coinbase addresses.
At current rates, 348 BTC (current price: $92.15K each) is worth about $3.205 million, and 11,486 ETH (current price: $3.13K each) is worth approximately $3.595 million, totaling a large fund transfer.
Institutional Investor Movements and Market Implications
Such large-scale fund movements suggest strategic liquidity management by institutional investors. The use of prime broker services by major funds like Grayscale to transfer assets indicates structural changes in the market and increased reliability.
The development of on-chain monitoring tools has made it possible to visualize these critical institutional moves in real-time, contributing to greater market transparency.