Massive Grayscale ETH Transfer: What You Need to Know

Things to Know Before Ether ETF Launch: Grayscale ETH Transfer to Coinbase

Based on blockchain data, Grayscale sent $1 billion in Ether to Coinbase on July 22, indicating that the asset manager was getting ready to introduce spot Ether ETFs in the US. After that, roughly 10% of the 292,000 Ether were moved from the Coinbase hot wallet to the Grayscale Mini Trust, or wallet 0xab3, as per an X post published by data provider iChaininfo on July 23.

A day before the first batch of US-based spot Ether ETFs are set to emerge and start trading on July 23, a billion dollars was transferred. Grayscale may be pre-seeding money to get ready for the ETF launch based on the size of the transfers.

• Eight of the nine recently approved Ether ETFs will be held in custodianship by the Coinbase exchange.
• According to a July 22 release, the exchange currently serves as the custodian for 10 of the 11 spot Bitcoin ETFs that are currently in existence.

Bybit Report: Institutional Investors Show Strong Bullish Sentiment Towards Ether

According to Eugene Cheung, head of institutions at Bybit, institutional investors were more optimistic about Ether a week before the ETF launch than were retail investors.

Our recent report shows that institutional investors are bullish on ETH, more so than retail investors.

Cheung

According to the report cited by Cheung, institutional investors increased their exposure to ether by twofold, from 6.54% to 14.29%, soon after the ETF’s announcement. Retail investor allocation increased from 7.4% to 9.52% in the same time frame, indicating a cautiously bullish outlook for Ether’s price. According to Cheung, Ether’s price might quadruple over the next six months because of the increased demand brought about by the ETFs.

I am optimistic about ETH’s long-term price, expecting it to double in the next 18 months, giving potential investors an excellent risk/reward ratio.

Cheung

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