According to @OnchainLens, BlackRock deposited 1,271 BTC, valued at approximately $134.67 million, into Coinbase on Nov 10, 2025, with the wallet attribution flagged under the BlackRock entity on Arkham Intelligence (source: @OnchainLens; Arkham Intelligence). The notional size implies roughly $106,000 per BTC based on the reported figures, highlighting a whale-scale transfer that can influence near-term liquidity on spot venues (source: @OnchainLens). Large BTC exchange inflows have historically coincided with increased sell-side liquidity and short-term downside risk, which traders monitor through exchange netflows and order-book signals (source: Glassnode Insights; CryptoQuant Exchange Netflows). Given the destination is Coinbase, traders often track the Coinbase Premium Index and spot-derivatives basis for US-led flow shifts following such deposits (source: CryptoQuant; Kaiko). An on-chain deposit does not confirm immediate selling, and entity labeling relies on heuristic attribution that can carry uncertainty, so execution evidence should be verified via subsequent exchange data (source: Arkham Intelligence; Glassnode Methodology).