Grayscale Transfers $1 Billion Worth of ETH to Coinbase
According to recent reports, on July 22, Grayscale transferred Ethereum worth $1 billion to Coinbase. This is likely a sign that the asset manager was preparing for the launch of ETH ETFs in the US.
ETFs Launching Today in the US
iChaininfo, a data provider, shared a post on X today, July 23, revealing that approximately 10% of the 292,000 ETH has been transferred from Coinbase’s hot wallet to Grayscale Mini Trust or wallet 0xab3.
The $1 billion transfer took place a day before the expected launch of the first series of Ethereum ETFs in the US today. The move suggests that Grayscale is preparing funds in advance for the ETF launch.
Crypto exchange Coinbase will be the custodian for 8 out of the 9 recently approved Ethereum ETFs.
SEC Approves 9 ETH ETFs
According to official sources, the exchange is already the custodian supporting 10 out of the 11 existing Bitcoin ETFs, as mentioned in their announcement on July 22nd.
Expanding the Crypto Economy
As noted in their official announcement yesterday, the SEC’s approval of 9 ETH ETFs marks another significant step towards expanding the crypto economy. The success of Bitcoin ETFs launched in January 2024 has paved the way for Ethereum ETFs, unlocking new pools of diversified investors to drive long-term growth and product innovation.
Coinbase emphasized their focus on building the most trusted products in the crypto industry, stating that moments like these expand access to crypto and help promote an updated financial system.
Advancing Ethereum’s Utility
In a post on X, Coinbase revealed that the SEC’s approval of Ethereum ETFs would provide access to a valuable asset and further establish Ethereum’s position in the crypto market.
The Growth of the Ethereum Ecosystem
Recent statistics have shown the robustness of the Ethereum ecosystem, with over 15 million active addresses every month and a rapid expansion with a 300% growth in smart contracts deployed in 2023.
Crypto Investments in the US
A report also highlighted that 52 million Americans have owned crypto, and the ETF industry in the US has seen investments of $8 trillion, with a total AUM of $60 billion for BTC spot ETFs.
Coinbase’s Perspective
Coinbase further emphasized that by increasing the usage of ETH, investors in ETH spot ETFs would help drive the utility of the currency and contribute to the overall crypto ecosystem. These products will catalyze further growth and innovation, expanding the size and diversity of crypto markets.
