BlackRock Moves $294M in BTC, ETH to Coinbase as $2.2B in Crypto Options Expire Today

Crypto ETF issuer BlackRock has deposited a significant amount of Bitcoin and Ethereum into the crypto exchange Coinbase, likely to offload these coins. These transfers come amid the crypto options expiry today, which could also spark volatility for the crypto market.

BlackRock Deposits BTC and ETH Into Coinbase Amid Crypto Options Expiry

Arkham data shows that the world’s largest asset manager transferred 2,400 BTC, worth around $217.12 million, and 24,760, worth around $76.6 million, into Coinbase. This follows the daily net outflows that the Bitcoin and Ethereum ETFs recorded on January 8.

SoSoValue data show that Bitcoin ETFs saw daily net outflows of $398.95 million, led by BlackRock’s IBIT fund, which recorded $193.34 million in outflows. These BTC funds have now seen three consecutive days of net outflows after recording almost $700 million in net inflows on January 5, their largest since the October 10 crypto crash.

Meanwhile, the Ethereum ETFs also saw net outflows of $159.17 million on January 8. BlackRock’s ETHA fund led the outflows, with $107.65 million, leaving the fund. This marks the second consecutive day of daily net outflows for the ETH funds.

Thanks to these outflows, BlackRock has deposited huge amounts of BTC and ETH this week, likely to offload these coins and redeem the shares for investors. Notably, the asset manager deposited almost $280 million in BTC and ETH into Coinbase yesterday following the outflows recorded on January 7.

Meanwhile, this latest transfer into Coinbase comes as $2.2 billion in crypto options on Deribit are set to expire. The max-pain limit for the Bitcoin options is reportedly within the $90,000 range, although this event could still spark volatility for the crypto market.

Crypto Market Also On Alert For Jobs Report

Amid BlackRock’s transfers, the crypto market is also on alert for the U.S. December 2025 jobs report that drops today, another development that could spark significant volatility. The focus will be on nonfarm payrolls and the unemployment rate, as market participants gauge whether there has been a rebound in the labor market.

A miss in the nonfarm payrolls expectations and a rise in the unemployment rate would be a positive for the market, as it would strengthen the case for more rate cuts this year. However, a sign of a rebound in the labor market would mean that the Fed can hold off on more cuts for now.

Meanwhile, the U.S. Supreme Court could also rule on the Trump tariffs today, another event the crypto market is watching. A ruling against the tariffs could be bullish for the market, as it would ease concerns about inflationary pressures from the tariffs and potentially pave the way for more cuts.