Onchain monitoring shows a BlackRock ETF-linked address deposited 4,917 BTC, worth about $301M, to Coinbase yesterday. That brings the four-day total to 20,359 BTC, or roughly $1.22B.
Matters because: Large exchange deposits from an ETF custodial address can point to redemption-related selling or rebalancing, creating near-term supply pressure even as ETF inflows improve.