I think it's just a mere coincidence. Whenever there are huge transactions like this, people from everywhere are freaking out and that's the cause of the dump.
Everyone starts to sell and thinking that there will be a huge dump so they're doing it earlier before that transfer puts on sell order.
I believe this is a bear trap. The whale dump such volumes so that people sell in panic. Then the whale buy it back with a 10% drop from the initial dump. Since most bears would be waiting a 30-50% drop, their shorts are squeezed.
The whale dont even have to take the money out of the exchange.