Grayscale, the world’s largest digital asset management firm, moved about $1 billion of ETH to Coinbase Prime yesterday evening. It did not go unnoticed that the transfer came 1 day before the Ether spot ETFs will be opened for trading.

“It’s not a sale, it’s a relocation…”

This transfer caused the questions “Will Grayscale make a mass sale?” in the market. Jon Campagna, one of the managers of the crypto hedge fund company Nexyst Digital, stated that he thinks this transfer is not for sale:

“Sales rumours do not make sense. On 18 July, Grayscale allocated 10% of ETHE assets for the new ETF. On that day, they said that those who own ETHE will have access to 10 per cent of their assets when the ETF opens for trading. ETHE already has an asset value of $10 billion. One tenth or 10 per cent of this corresponds to $1 billion. Therefore, there will be no situation such as being converted or sold to Solana.”

“Transition to other ETFs”

Campagna also said that he thinks there will be outflows from ETHE, Grayscale’s Ether fund, due to the high transaction fee, but that the money will shift to other ETFs, especially Grayscale’s mini-Ethereum fund. As it is known, Grayscale will receive a commission for the Ether ETF, about 10 times more expensive than the fee set by other companies. The 2.5% transaction fee is by far the most expensive rate.

However, Grayscale also reduced the transaction fee of the mini-Ether fund, which is more suitable for retail investors, to 0.15% last week and became the company with the cheapest product in this sense.

Grayscale’s fund, which also has the most expensive transaction fee in Bitcoin spot ETFs, had nearly $20 billion in a few months.