No, these were market orders on an exchange.

What makes you think institutions do not execute market orders? They do it all the time especially in crypto. They do it to trigger buy orders.

They weren't saying it wasn't an institution making the market order. They were saying it was a public trade and not just a blockchain transaction.

Edit; the actual analysis is here https://cryptoquant.com/quicktake/615dab839a9d40253e0e36ee-S... but doesn't give much detail.

Institutions in the typical context of the word do not do this. They don’t engage in manipulation of markets.

Traders and exchanges do.