According to a report by Golden Finance, on-chain analyst @ai_9684xtpa monitored that the U.S. government dumped 10,000 BTC. On-chain data shows that this portion of BTC did not actually flow into the market, or rather, did not directly dump. The timeline is organized as follows.
1. At 00:34, the U.S. government recharged 10,000 BTC into Coinbase.
2. At 00:47, this portion of BTC was credited to Coinbase's hot wallet 3MqUP.
3. From 00:47 to 05:38, 10,000 BTC were distributed to 21 new addresses, with each address receiving 498.445 BTC. Currently, the tokens in these addresses have not been further transferred. Comparing with the trading volume during the same period on Trading View Coinbase, the average trading volume during the spike was only 300 BTC in 15 minutes, and the trading volume during the rebound was similar—meaning that Coinbase did not have trades matching the 10,000 BTC dump. Therefore, the possible scenarios corresponding to this operation are as follows: not yet sold, planned to be released in batches later, and were taken away by an institution through OTC, not flowing into the secondary market.
