Are they splitting the coin up into smaller wallets so they do not keep all their eggs in one basket? Any other reasons why?
There is a wide possible range of speculations that we can make when it comes to why whales move their coins around. Firstly, with whales being whales, it could be an attempt at market manipulation, trying to cause some FUDs when big amounts are seen moving on the blockchain. Secondly, although unclear, it could also be a result of coin tumbling, which the big traders use to get their hands on untraceable coins.