- BlackRock moved over $114M in BTC and ETH to Coinbase as crypto ETF outflows persisted.
- More than $27B in BTC, ETH, SOL, and XRP options expired amid ongoing market weakness.
- Bitcoin reversed from $89K after U.S. market open, with selling pressure linked to large holders.
BlackRock, the world’s largest asset manager, has transferred large amounts of Bitcoin and Ethereum to the crypto exchange Coinbase, according to on-chain data, as more than $27 billion in cryptocurrency options expire. The movements come during a period of sustained market weakness and continued outflows from U.S.-listed crypto exchange-traded funds.
Blockchain analytics platform Arkham reported that BlackRock deposited 1,044 Bitcoin valued at approximately $91.9 million and 7,557 Ether worth about $22.41 million into Coinbase wallets. The transfers occurred amid renewed selling pressure across the digital asset market.
ETF Outflows Coincide With On-Chain Transfers
The latest deposits follow earlier transfers reported this week. BlackRock previously moved 2,292 Bitcoin and 9,976 Ether, worth more than $200 million combined, after U.S. Bitcoin and Ethereum ETFs recorded sizable daily outflows. On December 24, Bitcoin ETFs saw $198 million leave the market, while Ethereum ETFs posted $96 million in net outflows.
Data from SoSoValue shows that on December 14 alone, Bitcoin ETFs recorded a net outflow of $175 million. BlackRock’s iShares Bitcoin Trust accounted for $91.37 million of that figure. Ethereum ETFs also posted $53 million in net outflows on the same day, with $22.25 million attributed to BlackRock’s ETHA fund.
Options Expiry Adds to Market Pressure
The asset transfers coincided with the expiration of over $27 billion in options tied to Bitcoin, Ethereum, Solana, and XRP. Market data indicates that such expiries often coincide with elevated volatility, particularly when combined with ETF flows and large institutional transactions.
Earlier reporting noted that analysts are monitoring technical resistance levels for Bitcoin after repeated retracements this month. Attention has focused on the 200-day moving average on the four-hour chart, which has continued to act as resistance during recent price rebounds.
U.S. Market Open Sees Renewed Selling
Price action during U.S. trading hours has remained under pressure. Bitcoin briefly rose above $89,000 earlier in the session before falling back toward the $87,000 level following the U.S. market open, a pattern market observers have described as recurring.
Market analyst Ted Pillows reported that large holders on Binance have contributed to selling activity. He also identified liquidation clusters near $91,000 on the upside and around $86,000 on the downside, indicating areas of concentrated market activity within the current trading range.
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About the Author: Peter Mwangi
