According to on-chain analyst @ai_9684xtpa, on-chain data shows that the 10,000 BTC recently transferred by the U.S. government did not actually flow into the market, or in other words, did not directly crash the market.
The timeline is organized as follows:
At 00:34, the U.S. government deposited 10,000 BTC into Coinbase;
At 00:47, this portion of BTC was credited to Coinbase hot wallet 3MqUP;
From 00:47 to 05:38, 10,000 BTC were distributed to 21 new addresses, with each address receiving 498.445 BTC, and currently, the tokens in these addresses have not been further transferred.
Comparing with the trading volume during the corresponding time period on TradingView Coinbase, the average trading volume during the spike was only 300 BTC over 15 minutes, and the trading volume during the rebound was similar—meaning Coinbase did not have matching trades for the 10,000 BTC sell-off.
Therefore, we can speculate that the possibilities for this operation are as follows:
Not sold yet, planning to distribute in batches from wallets later;
Has been taken by an institution through OTC, and did not flow into the secondary market.

#BTC