A post by @whale_alert on X.

Whale Alert reported a transfer of 1,131 BTC, valued at roughly $91.18 million, from Coinbase Institutional to a previously unknown new wallet. The move represents a sizable single transaction out of a major institutional custody and exchange venue, drawing attention because large flows from exchange-linked addresses can signal either fresh accumulation or preparation for off-venue custody. The destination being a new wallet rather than an established address adds uncertainty, since it is unclear whether the coins belong to an institution, a fund, or an over-the-counter desk. Traders typically watch whether such transfers precede further outflows from exchanges, which would suggest reduced near-term sell-side supply, or a return of the coins to trading venues. Follow-up transfers from the new wallet, and any subsequent Coinbase Institutional outflows, will be the key signals to track.