BlackRock sent 861 BTC and 44,691 ETH to Coinbase in two deposits worth about $173 million. The move drew attention because Coinbase is custodian for BlackRock's spot Bitcoin ETF (IBIT) and spot Ethereum ETF (ETHA), and an on-chain deposit alone does not confirm selling. Market watchers are now focused on whether the assets remain in custody or later move to trading-linked wallets.