The Launch of the Ethereum ETF in the US
The much-anticipated debut of the Ethereum ETF has finally taken place in the United States, thanks to intervention from the SEC. However, the performance of the ETF and the entities involved in offering it have raised concerns. Grayscale, a prominent player in the cryptocurrency investment space, recently transferred a significant amount of Ethereum to Coinbase Prime, indicating a value of over $358 million.
Grayscale’s Losses and Ethereum Outflows
Since the launch of the Ethereum ETF, Grayscale has been experiencing substantial outflows of Ethereum. Reports indicate that Grayscale transferred a large amount of ETH to Coinbase Prime, resulting in a net outflow of $470.8 million. The data from Lookonchain reveals the extent of Ethereum movement between Grayscale and Coinbase Prime, highlighting the significant outflows.
Current Status of the Ethereum Market
As of the latest update, the price of Ethereum stands at $3,243.50, with a slight decrease in the past hour but an overall increase of 2.6% in the last 24 hours. Despite the positive trend, the value of ETH has seen a 5.5% decline compared to last week. The performance of the Grayscale ETH ETF and the movements in the Ethereum market indicate a dynamic and evolving landscape for investors.