A post by @whale_alert on X.

A wallet labeled as belonging to Coinbase Institutional moved 1,770 BTC, valued at roughly $129.0 million, to a newly created unknown address, according to Whale Alert. The transfer was flagged on-chain and represents a single large outflow from a major institutional custody and trading venue. Because the destination wallet has no prior history, the move is being watched as a possible sign of fresh accumulation or a custody reshuffle rather than an exchange deposit. At a BTC price implied near $72,900 per coin, the transfer is large enough to draw attention but small relative to daily spot volume. Traders will watch whether the new wallet continues to receive coins or sends them onward to an exchange, which would suggest intent to sell.