Well, for sure people will have impressions such as whales withdrawing their assets but as we can see on the market price, it didn't fill red marks which should have tickle a bit. Meaning, the amount was just transfered probably on their wallet. If we won't use our comprehension, this might cause FUD towards small investors therefore we should not emphasize such thing to avoid misconceptions and panic.
What I don't understand is how can someone be holding such amount of BTC in an exchange and still sleep at night?
Considering the inherent risk attached to keeping tokens on exchange, I will say it is rather unwise to leave your funds in an exchange, no matter how secure they claim to be.
Some people still will never learn their lessons, they prefer to learn the hard way.
Whale things I guess? They are simply comfortable with this industry for being in years. Coinbase on the other hand is a trusted exchanger. But maybe he just made sure of things given that what happened recently, rarely occur. So he probably eliminated the risk of losing money due to negligence. As long as he won't sell it, the amount will continue 'living'. He might be planning to rest that amount for months or even year until the market recover.