Crypto analyst Xaif (@Xaif_Crypto) has highlighted a substantial XRP transaction, noting an 11.64 million XRP transfer to Coinbase, which aligns with recent market activity following the launch of new spot ETFs. This transfer is linked to industry analyst Chad Steingraber’s claims that large-scale movements of this size into Coinbase should not be attributed to random activities. He points to Coinbase’s role as a primary custodian for asset managers, suggesting institutional investors are strategically placing XRP in cold storage for the backing of upcoming ETFs. Steingraber’s previous observations are supported by Xaif’s post which emphasizes the significance of these transfers in light of industry trends.