On July 28, Coinbase Global, Inc. declined 5.13% in regular trading, trading at $162.95/share with turnover of $2.26 billion, reversing the prior session's nearly 5% gain in the crypto sector.

On the news front, on-chain data showed BlackRock's ETF wallet transferred over $271 million in crypto assets to Coinbase Prime, potentially signaling a sale. The transfer included 3,310 BTC worth approximately $216 million and 28,400 ETH worth approximately $55.68 million. This move contrasts with BlackRock's earlier accumulation pattern, where it had been withdrawing BTC from Coinbase Prime into its IBIT ETF wallet as recently as July 22.

Adding to bearish sentiment, multiple investment banks recently cut their Coinbase price targets — Citi lowered to $235, Oppenheimer to $209, JPMorgan to $196, and Piper Sandler to $155. With earnings scheduled for July 30 and the previous quarter posting an EPS miss of -$0.17, pre-report caution may also be weighing on shares.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)