A post by @whale_alert on X.

A single transfer of 1,417 BTC worth roughly $109.08 million moved from an unidentified wallet to Coinbase Institutional, according to Whale Alert. The transaction stands out for its size, representing a nine-figure sum routed into a venue serving institutional clients. Large inflows to exchange-linked custody and trading desks are often watched as a signal of potential sell-side intent or of institutions repositioning holdings. The sending wallet remains unlabeled, leaving open whether the coins came from a long-term holder, a fund, or an intermediary. Market participants will watch Coinbase order books and subsequent exchange netflow data to see whether the BTC is held, traded, or moved onward.