On-chain data analysis shows that on July 22, Grayscale sent 292,262 ETH worth over $1 billion to a Coinbase Prime deposit wallet. This large-scale transfer event attracted market attention. According to information provided by data provider iChaininfo, after the transfer, approximately 29,200 ETH were moved from a Coinbase hot wallet to the Grayscale MiniTrust or a specific wallet address '0xab3'. These actions indicate that Grayscale is actively preparing for its upcoming Ethereum spot ETF.