BlackRock Moves 2400 BTC And 24760 ETH to Coinbase Amid ETF Outflows

TLDR

Table of Contents

BlackRock moved 2,400 BTC and 24,760 ETH worth $293M into Coinbase amid ETF outflows.
$2.2B in crypto options are expiring today, raising short-term market volatility concerns.
BlackRock’s IBIT ETF saw $193M in outflows, leading Bitcoin ETF losses on January 8.
Coinbase stock jumped 16.96% after upgrades from Bank of America and Goldman Sachs.

BlackRock, the world’s largest asset manager, has transferred 2,400 BTC and 24,760 ETH into Coinbase. The total value of these assets is approximately $293 million. These deposits come as over $2.2 billion worth of crypto options are set to expire today. The timing of the transfer has drawn attention, especially after several days of net outflows from BlackRock’s Bitcoin and Ethereum ETFs.

BlackRock Moves $293M in BTC and ETH to Coinbase

Blockchain data from Arkham Intelligence confirmed that BlackRock transferred 2,400 Bitcoin, worth around $217.12 million, into Coinbase. In the same transaction batch, 24,760 Ethereum, valued at about $76.6 million, was also sent to the exchange.

The transfer follows a similar move on January 7, when the company deposited close to $280 million in BTC and ETH to Coinbase. These consistent deposits suggest that BlackRock may be preparing to sell these crypto assets or redeem ETF shares through these holdings.

🚨 BREAKING 🚨
BlackRock just deposited 2,400 $BTC worth $217 million and 24,760 $ETH worth $76.6 million into Coinbase. pic.twitter.com/F4X7Q3r84c
— Max Crypto (@MaxCrypto) January 9, 2026

The recent ETF outflows also indicate that investors may be withdrawing funds, prompting BlackRock to move assets to meet those redemptions. The timing aligns with broader ETF market activity and investor behavior.

Bitcoin and Ethereum ETFs Record Daily Outflows

Data from SoSoValue shows that BlackRock’s Bitcoin ETF (IBIT) experienced outflows of $193.34 million on January 8. That contributed to a total of $398.95 million in net outflows across all Bitcoin ETFs on the same day. This marked the third straight day of outflows after strong inflows of $700 million recorded on January 5.

Ethereum ETFs also showed similar activity. On January 8, they posted net outflows of $159.17 million. BlackRock’s Ethereum ETF (ETHA) led the withdrawals with $107.65 million. This marked the second straight day of negative flows for the Ethereum ETF market.

Due to these continuous outflows, BlackRock appears to be moving assets to Coinbase, likely for liquidity or redemption-related purposes. While the company has not released a public statement, the pattern aligns with market reactions to ETF performance and investor behavior.

Crypto Options Expiry May Affect Market Volatility

The timing of BlackRock’s latest deposit coincides with the expiry of $2.2 billion in crypto options on Deribit. The expiration could cause price fluctuations across the crypto market depending on open interest positions and trader actions.

Bitcoin’s options are said to have a max pain point near the $90,000 mark, although actual market reactions can differ. While no direct connection has been made between the options expiry and BlackRock’s deposits, the overlap in timing raises questions.

DERIVATIVES WATCH:
$2.22B worth of $BTC and $ETH options expire today.
What this usually brings:
• Elevated volatility around expiry
• Sharp, short-term price swings
• Dealers hedging → sudden moves near key strike levels
Why it matters:
• If price sits near max pain →… pic.twitter.com/W3kGFmgZzL
— Crypto Tice (@CryptoTice_) January 9, 2026

Large options expiries often bring added volatility as traders adjust positions or settle contracts. If the market sees large shifts, it could further influence ETF inflows or outflows in the coming days.

Coinbase Stock Surges Following Bank Upgrades

Coinbase (COIN) stock rose by 16.96% over five days, closing at $247.54 on Thursday. The price increase followed back-to-back buy ratings from major investment banks.

Bank of America upgraded Coinbase from neutral to buy. It cited an expanding product lineup and stronger long-term positioning as key reasons. Goldman Sachs also issued a buy rating on the stock earlier in the week, contributing to the price jump.

🚨 BANK OF AMERICA BULLISH ON COINBASE
Bank of America upgraded Coinbase to “Buy”, citing upside as the company diversifies its revenue streams.
BofA added that Binance’s expansion into the U.S. could increase competition, but still sees Coinbase as well positioned. pic.twitter.com/NflWusYx1h
— Coin Bureau (@coinbureau) January 8, 2026

These upgrades show growing interest in Coinbase’s broader strategy, including its expansion into ETFs, tokenized assets, and Layer-2 solutions like Base. The company’s efforts to diversify its services may position it more firmly in the evolving digital asset sector.

BlackRock’s deposits into Coinbase also come as the exchange gains renewed attention from both institutional investors and traditional finance analysts.