Yes it is trading, but off grid… it s an agreed transaction between the exchange and the client, compared to have the client buying from another client. So instead of buying the btc from another holder, they buy from coinbase « reserve ». That transaction’s volume is then not accounted in the daily public trading volume. Once again , blackrock and coinbase find an agreement on a price and transact , out of the market. So thiese blackrock volumes shouldn’t impact the btc « public price »