The US government dumped 10,000 BTC, on-chain data shows: this portion of BTC has not actually flowed into the market, or rather, there has been no direct dump. The timeline is as follows:

1. At 00:34, the US government deposited 10,000 BTC into Coinbase

2. At 00:47, this portion of BTC was credited to Coinbase hot wallet 3MqUP

3. From 00:47 to 05:38, the 10,000 BTC was distributed to 21 new addresses, each receiving 498.445 BTC, and currently these addresses have not further transferred their tokens.

Comparing this with the trading volume during the corresponding timeframe on Trading View for 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 trading activity to match the dumping of 10,000 BTC. Therefore, it can be inferred that the possibilities corresponding to this operation are as follows: it has not been sold yet, and it is planned that the subsequent wallet will be shipped in batches, which has been taken over by an institution through OTC, and has not flowed into the secondary market.