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BlackRock moves $359m in Bitcoin, Ethereum to Coinbase amid selloff
BlackRock shifted $276m in Bitcoin and $83m in Ethereum to Coinbase as both coins fell and spot ETFs flipped to outflows ahead of key U.S. labor data releases.
Summary
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 in Bitcoin (BTC) and $83 million in Ethereum (ETH) to the exchange platform during a period of price declines for both digital assets, the data showed.
The transfers occurred on the same day that Bitcoin and Ethereum exchange-traded funds experienced significant outflows, according to market data. The simultaneous movements have prompted speculation among market participants about potential liquidation plans, though BlackRock has not publicly disclosed its intentions.
As the world’s largest asset manager, BlackRock’s cryptocurrency transactions are closely monitored by market participants due to the firm’s potential influence on pricing and market sentiment.
The cryptocurrency transfers coincide with the expected release of U.S. initial jobless claims data, which economists forecast will show a slight increase. The labor market report is among several economic indicators scheduled for release that could affect both traditional and cryptocurrency markets.
Upcoming nonfarm payrolls and unemployment rate data are also expected to influence investor decisions across asset classes, according to market analysts. Economic weakness in these reports could lead to increased market volatility and potentially affect Federal Reserve policy decisions regarding interest rates.
Bitcoin and Ethereum prices have declined in recent trading sessions, contributing to broader uncertainty in cryptocurrency markets. Exchange-traded fund outflows have added to market concerns about near-term price direction.
BlackRock has not issued a statement regarding the transfers or its cryptocurrency investment strategy.