In a significant move, asset management giant BlackRock has deposited a substantial quantity of Bitcoin and Ethereum into the cryptocurrency exchange Coinbase, potentially signaling intentions to offload these assets. This transfer occurs against the backdrop of a crypto options expiry scheduled for today, which is anticipated to introduce additional volatility into the already fluctuating crypto market.
Recent data from Arkham indicates that BlackRock has transferred approximately 2,400 BTC, valued at about $217.12 million, along with 24,760 ETH, worth around $76.6 million, into Coinbase. This action follows notable net outflows that were recorded by Bitcoin and Ethereum ETFs earlier and has intensified scrutiny on BlackRock’s investment strategies in the current market climate.
On January 8, Bitcoin ETFs experienced daily net outflows totaling $398.95 million, with BlackRock’s IBIT fund leading the pack with $193.34 million exiting. This marks a concerning trend for investors, as Bitcoin funds have now seen three consecutive days of net outflows, despite having recorded an almost $700 million influx just a few days prior, the largest since the market downturn in October.
Ethereum ETFs mirrored this trend, witnessing net outflows of $159.17 million, with BlackRock’s ETHA fund responsible for $107.65 million in losses on the same day. This extends the losses for ETH funds to two consecutive days. In response to these outflows, BlackRock is actively depositing substantial amounts of Bitcoin and Ethereum, indicating a possible strategy to offload assets and redeem shares for investors. Notably, the asset manager transferred close to $280 million in BTC and ETH into Coinbase just recently, following similar outflows from the preceding days.
The recent deposits into Coinbase correspond with an impending expiration of $2.2 billion in crypto options on the Deribit exchange. The maximum pain point for Bitcoin options is estimated to be around the $90,000 range, but market analysts suggest that this event could still trigger volatility for crypto assets.
Alongside these developments, the crypto market remains vigilant in anticipation of the U.S. December 2025 jobs report set for release today. Insights from this report, particularly concerning nonfarm payrolls and the unemployment rate, are critical as investors assess the state of the labor market. A disappointing report could bolster expectations for rate cuts from the Federal Reserve, whereas a robust labor market may delay such monetary easing.
In addition, the U.S. Supreme Court’s potential ruling on tariffs related to former President Trump is another crucial factor impacting market sentiment today. A ruling against these tariffs could provide a favorable turn for the market, alleviating inflation concerns and possibly setting the stage for further rate cuts moving forward.
Overall, BlackRock’s recent activities and the upcoming economic data releases have placed the crypto market in a highly watchful position, where volatility is anticipated as investors assess the broader implications of these financial developments.
