BlackRock Deposits $673M in BTC and ETH to Coinbase
Asset manager BlackRock has continued to expand its crypto custody with a major BlackRock Coinbase deposit. Initial on-chain data showed 2,042.8 BTC and 22,681 ETH moved to Coinbase. On November 6, Onchain Lens recorded a further BlackRock Coinbase deposit of 4,652.87 BTC (≈$478.5 M) and 57,455 ETH (≈$194.9 M), bringing total inflows to roughly $673 M. Such BTC and ETH inflows to Coinbase often signal upcoming trading activity or liquidity adjustments. Traders should monitor spot exchange balances and ETF filings, as similar deposit patterns have correlated with short-term price shifts. The institutional investment underscores growing confidence in Bitcoin and Ethereum, while large exchange inflows may also precede sell-side pressure. Market participants can use this on-chain data to inform both short-term and long-term trading strategies.
Neutral
The substantial BlackRock Coinbase deposit indicates strong institutional confidence, supporting long-term bullish sentiment for BTC and ETH. However, significant inflows to exchanges often precede sell-side pressure and price volatility in the short term. As a result, the news carries mixed signals: the deposit can underpin longer-term price support, while exchange inflows may trigger near-term liquidity adjustments. This balanced outlook suggests a neutral impact on crypto markets.