According to Golden Finance, according to the monitoring of on-chain analyst @ai_9684xtpa, the US government dumped 10,000 BTC. The on-chain data showed that this part of BTC did not actually flow into the market, or in other words, it did not directly dump the market. The timeline is summarized as follows
1. At 00:34 in the morning, the US government deposited 10,000 BTC into Coinbase
2. At 00:47 in the morning, this part of BTC was deposited into Coinbase hot wallet 3MqUP
3. From 00:47 to 05:38 in the morning, 10,000 BTC were distributed to 21 new addresses, and each address received 498.445 BTC. Currently, the tokens of these addresses have not been further transferred. Comparing with the trading volume of Trading View Coinbase in the corresponding time period, the average 15-minute trading volume during the spike was only 300 BTC, and the trading volume during the rebound was the same - that is, Coinbase did not have transactions that could match the 10,000 BTC dumping volume. Therefore, it can be inferred that the possibility corresponding to this operation is as follows: It has not been sold yet, and it is planned to be shipped in batches by wallets later. It has been taken away by an institution in the form of OTC and has not flowed into the secondary market.
