The U.S. government dumped 10,000 BTC, on-chain data shows: 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 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, 10,000 BTC were distributed to 21 new addresses, with each address receiving 498.445 BTC, and currently, these addresses' tokens have not been further transferred

When comparing the trading volume during the corresponding time period on Trading View Coinbase, the average 15-minute trading volume at the spike was only 300 BTC, and the trading volume during the rebound was similar—indicating that Coinbase did not have matching trades for the 10,000 BTC dump. Therefore, it can be inferred that the possibilities corresponding to this operation are as follows: the BTC has not yet been sold, plans for subsequent wallet distributions in batches have been taken over by an institution through OTC, and did not flow into the secondary market.