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CryptoUpdated•Originally published 2 July 2026•Updated 2 July 2026•

1 min read

Grayscale Transfers $70M in BTC and ETH to Coinbase Prime

Illustration of a man before a vault with Grayscale and Coinbase Prime labels, featuring Bitcoin and Ethereum coins.

Key Facts

1Grayscale moved 814 BTC and 11,421 ETH to Coinbase Prime in on-chain transfers.

2The total value of the transfers is estimated to be over $70 million based on blockchain data.

In a move reflecting ongoing institutional shifts within the digital asset market, Grayscale has transferred significant cryptocurrency holdings to Coinbase Prime. According to reports, the firm moved 814 BTC and 11,421 ETH in on-chain transfers. The total value of these transactions is estimated to exceed $70 million based on blockchain data analysis.

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These transfers typically align with redemption activities or institutional selling related to Grayscale's investment products, specifically GBTC and ETHE. Since the conversion of GBTC into a spot ETF in early 2024, the fund has experienced substantial outflows totaling billions of dollars, per market data. Traders closely monitor transfers to Coinbase Prime as it serves as the primary liquidity hub for Grayscale's market executions.

Regarding price action, the market is looking toward upcoming catalysts including the Chinese Manufacturing PMI data scheduled for June 30, 2026. Additionally, several Fed speeches in the coming days will be critical for assessing broader market sentiment and risk appetite, which could influence whether BTC and ETH maintain current support levels amid these institutional outflows.