The on-chain monitoring platform Arkham captured a noteworthy flow of funds—nearly 2000 ETH transferred from Coinbase Prime to Grayscale's Address.

Specifically, this transfer involves 1986.9 ETH, which is approximately equivalent to 6.04 million USD based on the price at that time. Coinbase Prime serves as a professional custody service for institutional clients, while Grayscale has long been a major channel for traditional funds entering the crypto market. When funds flow from custody platforms like Prime to Grayscale, the market usually interprets it as one of two possibilities: either new subscriptions for ETFs or trust products, or a replenishment of existing positions.

This trend is quite interesting when viewed in the current market environment. Recently, ETH ETF products have seen continuous net inflows, indicating that institutional willingness to allocate to Ethereum has not weakened due to price adjustments. On the contrary, even in a phase of relatively cautious market sentiment, there is still capital actively entering the market to take positions, which in itself is a signal.

The on-chain flow in the grayscale direction often reflects the true attitude of institutions earlier than public data. After all, where the money goes says more than what is said verbally.