Analysis: The U.S. government's transfer of BTC last night did not truly flow into the market

According to Golden Finance, on-chain analyst @ai_9684xtpa monitored that the U.S. government dumped 10,000 BTC, and on-chain data shows: this portion of BTC did not actually flow into the market, or rather, did not directly cause a dump.

The timeline is organized as follows:

1. At 00:34, the U.S. 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, with each address receiving 498.445 BTC. Currently, the tokens in these addresses have not been further transferred.

Looking at the trading volume during the corresponding period on TradingView Coinbase, the trading volume averaged only 300 BTC during the spike at 15 minutes, and the trading volume during the rebound was similar — that is, Coinbase did not have trading that could match the 10,000 BTC dump volume. Therefore, we can speculate that the possibilities corresponding to this operation are as follows:

Not yet sold, planning to distribute in batches through subsequent wallets.

Already taken by an institution in an OTC manner, and did not flow into the secondary market.