BlackRock Transfers $294M in Bitcoin and Ethereum to Coinbase
- BlackRock transferred 2,400 BTC, valued at approximately $217.12 million, and 24,760 ETH, worth around $76.6 million, to Coinbase.
- On January 8, Bitcoin ETFs experienced net outflows of $398.95 million, with BlackRock’s IBIT fund accounting for $193.34 million of that.
- Ethereum ETFs also saw significant outflows of $159.17 million on January 8, led by BlackRock’s ETHA fund which had outflows of $107.65 million.
- The recent transfers coincide with the expiration of $2.2 billion in crypto options on Deribit today.
- The max-pain limit for Bitcoin options is reportedly around the $90,000 mark.
These large deposits by BlackRock are likely aimed at offloading assets following notable outflows from their Bitcoin and Ethereum ETFs this week, indicating a potential shift in strategy amidst market volatility.
With BlackRock’s transfer of nearly $294 million in BTC and ETH amid significant ETF outflows, the market is poised for potential fluctuations as crypto options expire today.(Source)
