The U.S. government transferred 10,000 BTC last night, but it did not actually flow into the market

【The U.S. government transferred 10,000 BTC last night, but it did not actually flow into the market】According to Jinse 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 truly flow into the market, or rather, did not directly cause a sell-off. 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, 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. Comparing with TradingView's trading volume during the corresponding time period for Coinbase, the average trading volume during the spike was only 300 BTC for 15 minutes, and the trading volume situation during the rebound was similar—meaning Coinbase did not have trades that could match the 10,000 BTC sell-off volume. Therefore, we can speculate the possible scenarios corresponding to this operation: Not sold yet, planning to distribute in batches from subsequent wallets; already taken away by an institution through OTC and did not flow into the secondary market.