BlackRock has just moved a large amount of Bitcoin (BTC) and Ethereum (ETH) to Coinbase. This comes at a tense moment for the market, as crypto options worth billions of dollars are expiring today.
At the same time, investors are closely watching important U.S. economic data and major court rulings. These combined factors have put traders on alert for possible short-term price swings.
BlackRock Sends Millions in Crypto to Coinbase
Blockchain data from Arkham shows that BlackRock sent 2,400 BTC, worth about $217.12 million, and 24,760 ETH, valued at roughly $76.6 million, to Coinbase. These transfers suggest the firm may be getting ready to sell the assets or use them to meet investor redemptions from crypto ETFs.
This follows a similar move seen earlier in the week. On January 7, BlackRock moved nearly $280 million in crypto to Coinbase after heavy ETF outflows. These repeated transfers point to ongoing changes linked to investors pulling money out.
The latest move also comes as about $2.2 billion worth of crypto options are set to expire on Deribit. Options expiries often lead to short-term price swings as traders adjust their positions.
BTC and ETH ETFs Record Heavy Withdrawals
Adding to market pressure, data from SoSoValue revealed that Bitcoin ETFs recorded daily net outflows of $398.95 million on January 8. BlackRock’s iShares Bitcoin Trust (IBIT) led the trend, with $193.34 million leaving the fund in a single day.
These outflows mark the third straight day of net withdrawals for Bitcoin ETFs. This reversal followed strong investor demand earlier in the week. On January 5, the funds recorded nearly $700 million in net inflows, their largest since the crypto market downturn in October.
At the same time, Ethereum ETFs followed a similar path. On January 8, the funds saw total net outflows of $159.17 million. BlackRock’s iShares Ethereum Trust (ETHA) accounted for the largest share, with $107.65 million exiting the fund.
This result marked the second consecutive day of net outflows for Ethereum ETFs, adding pressure on issuers to rebalance holdings and manage redemptions.
U.S. Jobs Data and Court Ruling Add to Market Uncertainty
Beyond events in the crypto market, wider economic and political news is also affecting investor mood. The U.S. jobs report for December 2025 is due today, with focus on job growth and the unemployment rate.
If job growth is weak or unemployment rises, it could increase hopes for more interest rate cuts, likely benefiting risk assets like cryptocurrencies. On the other hand, a strong jobs report could allow the Federal Reserve to delay rate cuts, which may put pressure on crypto prices.
At the same time, the U.S. Supreme Court may rule today on tariffs proposals introduced during the Trump previous administration. If the court rules against the tariffs, it could reduce inflation worries, support lower interest rates, and improve conditions for the crypto market.
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