Grayscale Sends 110,867 ETH Worth $358,000,000 to Coinbase Prime As Ethereum Corrects

Digital assets manager Grayscale sent $358 million worth of Ethereum (ETH) to a Coinbase Prime deposit address, according to blockchain “de-anonymizing” service Arkham.

Arkham’s data shows Grayscale sending 110,867 ETH in a series of transactions to Coinbase’s institutional arm, presumably to sell on the open market.

At the same time, Ethereum has weathered a price correction, down about 8% in the last week despite the launch of the first spot ETH exchange-traded funds (ETFs) in the US.

Days prior, Grayscale was spotted by blockchain tracking service Lookonchain sending nearly half a billion dollars worth of Ethereum to Coinbase Prime.

“Grayscale transferred 140,044 ETH( $485.6 million) to Coinbase Prime, and received 4,382 ETH ($14.8 million) from Coinbase Prime, with a net outflow of 135,662 ETH ($470.8 million)!

According to Grayscale’s website, Grayscale currently holds 2,489,075 ETH ($7.9 billion).”

Arkham’s data shows that at time of writing, Grayscale still holds over $8.59 billion worth of ETH and $27 billion worth of crypto assets.

While not as successful as the Bitcoin ETFs, Bloomberg ETF analyst Eric Balchunas says the ETH ETF flows are healthy enough to offset Grayscale’s massive outflows.

“The ‘New Eight’ Ether ETFs not quite as strong as the ‘New Nine’ bitcoin ETFs in offsetting Grayscale outflows but the good news is their inflows/volume is still very healthy, and the intensity of the ETHE unlock will die down sooner than it did with GBTC = outlook good but next few days could be tough.”

At time of writing, Ethereum is worth $3,244.

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