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

According to 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, it was not directly dumped.

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 the Coinbase hot wallet 3MqUP.

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

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

Not yet sold, plan to gradually ship out from the subsequent wallets.

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