BlackRock shifted $276 million in Bitcoin and $83 million in Ethereum to Coinbase as both coins fell and spot ETFs headed for the outflows ahead of the release of key U.S. labor data.
Summary
- Arkham data shows that BlackRock moved approximately 3,064 BTC (~$276 million) and 26,723 ETH (~$83 million) to Coinbase Prime as crypto prices fell.
- The transfers coincided with net outflows from US Bitcoin ETFs and choppy Ethereum ETF flows, fueling speculation about possible liquidations.
- These moves came ahead of US unemployment claims and payroll data that could influence Fed policy, keeping macro sensitivity high for the BTC and ETH markets.
BlackRock has transferred significant amounts of Bitcoin and Ethereum to Coinbase as cryptocurrency markets experience a downturn, according to blockchain tracking data.
The asset management firm moved $276 million worth of Bitcoin (BTC) and $83 million worth of Ethereum (ETH) to the exchange platform during a period of price declines for both digital assets, the data showed.
According to market data, the transfers occurred on the same day that Bitcoin and Ethereum exchange-traded funds saw significant outflows. The simultaneous moves have sparked speculation among market participants about possible liquidation plans, although BlackRock has not publicly announced its intentions.
As the world’s largest asset manager, BlackRock’s cryptocurrency trades are closely watched by market participants due to the company’s potential influence on prices and market sentiment.
The cryptocurrency transfers coincide with the expected release of the first US unemployment claims data, which economists predict will show a slight increase. The labor market report is one of several economic indicators scheduled for release that could impact both the traditional and cryptocurrency markets.
According to market analysts, the upcoming non-farm payroll data and unemployment rate data are also expected to influence investors’ decisions across asset classes. The economic weakness in these reports could lead to increased market volatility and potentially influence the Federal Reserve’s policy decisions regarding interest rates.
Bitcoin and Ethereum prices have fallen in recent trading sessions, adding to broader uncertainty in the cryptocurrency markets. The outflow of exchange-traded funds has increased market concerns about near-term price developments.
BlackRock has made no statement about the transfers or its cryptocurrency investment strategy.
