BlackRock Transfers $280M in BTC and ETH as Crypto Market Awaits U.S. Initial Jobless Claims

The worlds largest asset manager, BlackRock, has again deposited Bitcoin and Ethereum into Coinbase, sparking concerns of a potential sell-off. This transfer comes ahead of the U.S. initial jobless claims report, which drops today, which could also spark volatility in the crypto market.

BlackRock Deposits BTC and ETH Into Coinbase

Arkham data shows the asset manager deposited 2,164 BTC, worth $195.12 million, and 26,704 ETH, worth $83.28 million, into Coinbase, likely to offload these coins. This follows the outflows that the Bitcoin and Ethereum ETFs recorded yesterday.

As CoinGape reported, the Bitcoin ETFs saw $480 million in daily net outflows on January 7. BlackRock, in particular, saw almost $130 million leave its fund on the day. Issuers such as Fidelity, Grayscale, Bitwise, and Ark Invest also saw significant outflows from their respective BTC funds.

Meanwhile, the Ethereum ETFs also recorded $98.45 million in daily net outflows on January 7, with $6.64 million leaving BlackRock‘s ETHA fund. Grayscale, Fidelity, and VanEck’s Ethereum funds also recorded significant outflows. The outflows recorded on January 7 also extended to the XRP ETFs, which saw outflows of over $40 million, the first since they launched last November.

It is worth noting that Bitcoin ETFs have now recorded two consecutive outflow days after taking in almost $700 million on January 5, their largest inflows since the October 10 crypto crash. These outflows have contributed to the recent crypto market crash, with Bitcoin dropping below $90,000 again after rising to a 2026 high above $94,000 earlier this week.

Crypto Market Awaits Initial Jobless Claims

BlackRock‘s BTC and ETH deposits into Coinbase come ahead of the U.S. initial weekly jobless claims report, which drops today. The data is estimated to come in at 210,000, up from last week’s report of 199,000, for the week that ended December 27, 2025.

The data will further give insights into the current state of the U.S. labor market, with potential weakness strengthening the case for more Fed rate cuts. Notably, the U.S. November JOLTS job openings, which dropped yesterday, came in at 7.1 million, well below expectations of 7.6 million and the lowest level in over a year.

Meanwhile, the U.S. jobs data on nonfarm payrolls and unemployment rate drops tomorrow, which is also set to spark significant volatility in the crypto market. These job data all drop ahead of the U.S. CPI inflation report, scheduled for release on January 13. The spotlight will be on all these macro data, even as traders bet against the Fed making another rate cut at the January FOMC meeting.