An unconfirmed tracker alert claims Grayscale withdrew 11,169 ETH (valued at roughly $22.86 million) and 150.4 BTC (roughly $10.07 million) from Coinbase. The exact transaction hashes for both transfers have not been publicly identified, and no official statement from Grayscale or Coinbase has confirmed the figures.
What the Grayscale Coinbase withdrawal claim says
The report, attributed to a Telegram-based tracker channel, states that the withdrawals occurred approximately six hours before the alert was posted. According to unconfirmed reports, the combined value of the two transfers would exceed $32 million.
The story was flagged as only partially verified, with a confidence score of 0.34 out of 1.0. Neither the specific ETH transaction hash nor the BTC transaction hash was located on any public block explorer during the verification window.
What remains unproven
No block-explorer URL has been found showing an exact 11,169 ETH transfer from a Coinbase-controlled wallet to a Grayscale-controlled wallet. The same gap exists for the claimed BTC transfer. Without transaction hashes, the dollar amounts cited in the alert cannot be independently confirmed.
The lack of verifiable on-chain proof matters especially during periods of heightened volatility. The Fear & Greed Index sat at 9 (Extreme Fear) at the time of research, a backdrop in which unverified institutional flow claims can move sentiment quickly.
What the on-chain evidence confirms, and what it does not
Etherscan labels the address 0xc2b6…4212 as Grayscale: Ethereum Trust 21. That same address page records an inbound transfer from Coinbase Prime: Custody Deposit Funder 1, dated June 20, 2025.
The address also shows a historical movement of 14,300 ETH, confirming it is used for large-scale ETH custody operations. These records establish that Coinbase-to-Grayscale wallet activity is real and recurring, a pattern relevant to the broader crypto market structure debate playing out in Washington.
The gap between plausibility and proof
A labeled Grayscale wallet receiving funds from Coinbase Prime is plausible, and past transfers support that pattern. However, plausible wallet links are not proof of the specific amounts in the claim. The exact ETH and BTC figures require their own verifiable transaction records to be treated as fact.
Why Coinbase custody ties matter here
The connection between Coinbase and Grayscale is not speculative. The Grayscale Bitcoin Mini Trust SEC prospectus states that Coinbase Custody Trust Company, LLC holds custody of all of the trust’s bitcoin in segregated accounts.
Separately, the Grayscale Ethereum Mini Trust 10-Q filing names Coinbase Custody Trust Company, LLC as custodian and Coinbase, Inc. as prime broker. These filings make Coinbase-related wallet movements for Grayscale products structurally expected, similar to how shifting policy decisions reshape institutional positioning across asset classes.
At the time of research, Bitcoin traded at $66,730 and Ethereum at $2,051.73. At those prices, the claimed token amounts align closely with the alert’s USD figures, suggesting the numbers are at least internally consistent.
This custody context explains why Coinbase appears in Grayscale-related on-chain activity, but it does not confirm that the specific withdrawals occurred. In a market already rattled by extreme fear, where even unverified social media claims can trigger sharp token moves, readers should wait for verifiable transaction hashes or an official statement before treating the claimed amounts as fact.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
