Just past midnight, a single transaction moved 2.86 trillion SHIB tokens valued at $36.6 million into Coinbase Institutional. The tokens came from a wallet previously unlinked to any major exchange, triggering alerts across blockchain tracking platforms.

Blockchain data shows the sender address — "0x2E2...AaEf" — had been holding a SHIB-heavy portfolio before offloading the bulk of it. The wallet still holds over 30 billion SHIB but is now largely emptied of its largest asset.

The receiving address is tied to Coinbase Prime, the institutional wing of the U.S.-based crypto exchange. These wallets are commonly used by hedge funds, market makers or high-net-worth clients for large-scale custody or over-the-counter trades.

There is speculation that the sending wallet is linked to Wintermute, one of the better-known trading firms in the space, though this has not been officially confirmed. No public comment has been made by Coinbase or any party tied to the transaction.

Shiba Inu coin's price has not moved much in response. The token is currently trading at $0.00001282 and has been sliding slowly since late May. The charts show no immediate spike in volume following the transfer.

What makes the move notable is not just the dollar value — it is the destination. Transfers of this size into Coinbase Institutional tend to signal preparation for action, whether that is a large sale, strategic holding or participation in internal trading flows.

No overarching narrative has been assigned to this one yet. But a $36 million shift into one of the biggest institutional platforms in the U.S. tends to get logged — and watched. For now, it is on-chain, it is confirmed and it makes the SHIB community watch closely.