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…
