The US government transferred BTC last night did not truly flow into the market

According to on-chain analyst @ai_9684xtpa, the US government dumped 10,000 BTC. On-chain data shows: this portion of BTC did not truly flow into the market, or rather, did not directly dump. The timeline is organized as follows:

1⃣

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

2⃣

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

3⃣

From 00:47 to 05:38, 10,000 BTC was distributed to 21 new addresses, with each address receiving 498.445 BTC. Currently, the tokens in these addresses have not been further transferred.

Looking at the trading volume for that time period 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—indicating that Coinbase did not have trades to match the 10,000 BTC dump. Therefore, it can be speculated that the possibilities for this operation are as follows:

—— Not yet sold, planning to batch release from the wallet later

—— Already taken by an institution through OTC, not flowing into the secondary market.