According to ChainCatcher, chain analyst Ai Yi conducted a detailed review of the US government's transfer of Bitcoin last night. At 00:34 in the morning, the US government recharged 10,000 BTC to Coinbase, and then at 00:47, these Bitcoins entered Coinbase's hot wallet 3MqUP. Next, from 00:47 to 05:38, the 10,000 BTC were distributed to 21 new addresses, each receiving 498.445 BTC. Currently, the tokens of these addresses have not been further transferred.

According to data from TradingView, during this period, Coinbase's trading volume did not show a match with the 10,000 BTC dumping volume. Ai Yi speculated that this may mean that these Bitcoins have not been sold yet, and plans to ship them in batches later, or have been taken away by an institution in the form of OTC and have not yet flowed into the secondary market.